# Schedule B and online tax software



## FrustratedMajor (Apr 6, 2017)

An online tax software program shows that a Schedule B is included due to the ownership of foreign accounts. However, only the Part III check boxes in the form have anything in them. No institution names, nor their amounts are listed on the form despite being entered into the online program. Interest earnings do show up on the main 1040 form though. 

Is this an issue? Does the IRS want the amounts and institution names (foreign and domestic) to be listed on the Schedule B with the correct check boxes for ownership of a foreign bank account? The amount of interest earnings are less than $1500 if that factors in.


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## Bevdeforges (Nov 16, 2007)

As long as your interest income is less that $1500, you can leave the first two parts of Schedule B blank if you like. In the past, I have used Part I of the form to make a quick listing of my interest income, even if it is well below the threshold, but you're not obliged to do so. (For me it's a quick check for myself to make sure I've included all my accounts, though for the Schedule B I lump it together by bank without indicating the individual accounts.)
Cheers,
Bev


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## FrustratedMajor (Apr 6, 2017)

That's helpful and reassuring. It was frustrating and a bit confusing to enter all the information on the interest and source institution and not see them show up on the Schedule B. 

A call session with the program's help department didn't yield a great deal of help as they just kept repeating that if the amount is below the $1,500 threshold, a Schedule B is not needed. That's after I quoted the IRS' website that says if one has foreign accounts blah blah blah, fill out the Schedule B. But it is good to know that Part I is not needed except when the threshold is met and exceeded. Thank you!


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