1040 Schedules B and D

Tax Year: 2018
Prerequisites: None

Course Description:

Schedule B and Schedule D are the forms used to report the more common types of investment income, such as tax exempt, original issue discount (OID), qualified dividends, short-term capital gains, and long-term capital gains. You must understand these different types of income and their tax implications in order to report income correctly and potentially do some tax planning with your clients. Your close attention to filling out Schedule B and Schedule D will help you achieve the lowest legal tax liability for your clients.

In this course, we will discuss:

  • Schedule B - interest income
  • Schedule B - dividend income
  • Schedule B - foreign accounts and trusts
  • Schedule D - capital gains and losses
  • Net investment income tax

Learning Objectives:

Upon successful completion of this course, you will be able to:

  • identify the conditions that require a taxpayer to file Schedule B and/or Schedule D
  • identify the different types and sources of interest and dividends that are reported on Schedule B
  • identify the tax rates that apply to taxpayers on ordinary and qualified dividend income
  • given details of a taxpayer’s foreign accounts and assets, correctly determine whether an obligation to file Form 8938 and/or FinCEN Form 114 exists
  • identify the information needed to correctly calculate basis and gain or loss on the sale of a home and other capital assets
  • identify taxpayers who are subject to the Net Investment Income Tax and correctly determine their liability


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