Do I need Schedule B, and who is the Payer (brokerage or each stock company)?

Home Fairmark Forum Taxation of Investments Do I need Schedule B, and who is the Payer (brokerage or each stock company)?

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  • #7334
    thales
    Participant

    I’m not sure if I need Schedule B. Form 1040 says if ordinary dividends > $1500 then file Schedule B. That’s the case both 2019 and 2018, but I didn’t file Schedule B in 2018, not sure if I should have… No letter from IRS anyway.

    For 2019, ordinary dividends > $1500. So I should file Schedule B, right? But do I need to list each and every stock, ETF companies as the payers, or can I just write payer as “TD Ameritrade, Inc.” since that’s the brokerage I use for the investments?

    #7335
    kaneohe
    Participant

    yes, file sch B. payer is broker.

    #7336
    thales
    Participant

    Thank you so much. I didn’t expect such a quick reply (thought may have to wait after July 4), so I filled the stock and ETF companies instead of brokerage and sealed the envelope, hope that’s also OK? (did more work than had to, so don’t feel like changing it….)

    #7337
    kaneohe
    Participant

    Perhaps put a note about what you did so they understand. In the end, I think it probably doesn’t matter …..they will compare the bottom line that they expect from the 1099s that they receive with your bottom line total. If they agree, end of issue.

    #7339
    thales
    Participant

    Thank you. I changed it according to your original advice, took the previous version out of envelope (torn the envelope) and replaced it.

    (I just realized in the past I may never have filled in ordinary dividends on Schedule B, as I thought it’s only for taxable interests.)

    Thanks for the help. Wish you a happy Fourth of July!

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