According to instructions, if you earn less than $1,500, say $15 in interest, you don't have to fill out a Schedule B--if it's ordinary income, where do you put it on the new forms? (I know the government won't give up a penny in tax.)

If you have less than $1500 in interest income, and do not attach Schedule B, you should report your total taxable interest directly on Form 1040, Line 2b.

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Form 1041 Schedule K 1 Instructions 2012

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[Music] foreign [Music] welcome back to ask a CPA today's question comes from Jeremy in Tulsa Oklahoma Jeremy asks I received a schedule K-1 from a real estate investment I made but I have no idea how to report this help all right Jeremy no problem reporting is schedule K1 is something that can be quite confusing for many taxpayers if you've received a schedule K1 from wait whether it's a partnership or an S corporation or a trust you are in the right place stick around and we'll guide you through the process step by step of how to report a schedule K1 let's get started now before we dive into reporting let's briefly understand what a schedule K1 is a schedule K1 is a tax document used to report income deductions and credits from various sources it's primarily issued to Partners in a partnership shareholders in an S corporations and beneficiaries of a trust the form provides detailed information about your share of the entity&

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According to instructions, if you earn less than $1,500, say $15 in interest, you don't have to fill out a Schedule B--if it's ordinary income, where do you put it on the new forms? (I know the government won't give up a penny in tax.)
If you have less than $1500 in interest income, and do not attach Schedule B, you should report your total taxable interest directly on Form 1040, Line 2b.

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