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Taxpayers earning more than $1,500 in interest or ordinary dividends must also fill out Schedule B (Form 1040). What accounts and investments aren’t subject to tax on interest income?
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
Form 1040-X (officially, the "Amended U.S. Individual Tax Return") is used to make corrections on Form 1040, Form 1040A, and Form 1040EZ tax returns that have been previously filed (note: forms 1040-A and 1040-EZ were discontinued starting with tax year 2018, but a 1040X may still be filed amending one of these tax forms filed for previous years).
Similar schedules apply for interest (Schedule B), dividends (Schedule B), business income (Schedule C), capital gains (Schedule D), farm income (Schedule F), and self-employment tax (Schedule-SE). All taxpayers must file those forms for credits, depreciation, AMT, and other items that apply to them.
Individuals who claim certain deductions have to complete and include a Schedule 1 form with the 1040. Some common deductions include student loan interest, business use of your home and donations ...
If you choose to redeem your I Bond, or want to report the interest earned each year on your tax return — you’ll need to report the interest on Form 1040, line 2b.