Interest and Ordinary Dividend Income Use this schedule if any of the following applies. 1. You had over $1,500 of taxable interest or ordinary dividends. 2. You received interest from a seller-financed mortgage and the buyer used the property as a personal residence. 3. You have accrued interest from a bond. 4. You are reporting original issue discount (OID) in an amount less than the amount shown on Form 1099-OID. 5. You are reducing your interest income on a bond by the amount of amortizable bond premium. 6. You are claiming the exclusion of interest from series EE or I U.S. savings bonds issued after 1989. 7. You received interest or ordinary dividends as a nominee. 8. You had a financial interest in, or signature authority over, a financial account in a foreign country or you received a distribution from, or were a grantor of, or transferor to, a foreign trust. Part III of the schedule has questions about foreign accounts and trusts.