OVERVIEW
Tax schedules are sometimes required as attachments to your basic tax filing, the most common being a Schedule A for itemized tax deductions. Learn about tax schedules with information from TurboTax in this video on annual tax filing.
Video transcript:
Hello, I'm Jeremy from TurboTax with some information about the various schedules you may need to file with your tax return.
A tax schedule is basically just another word for a form you attach when you file your Federal and State tax returns. The IRS has a separate schedule for each type of income or loss you incur during the year, other than your earnings from work. The number of schedules you have to prepare, if any, will depend on your individual situation.
One of the most common attachments to your tax return is the Schedule A. You only need to file out this form to report the expenses you are claiming as itemized tax deductions. Generally, it's better to itemize if your total deductions amount to more than the standard deduction for the year.
If you have money in a bank account earning interest during the year or receive dividend payments from stocks, you may have to complete a Schedule B if either the interest or dividends you receive exceed $1,500.
When you sell capital assets during the year such as stock, you must report all of those transactions on a Schedule D. The schedule calculates your overall capital gain or loss for the year. If the result is a gain, you may need to pay a capital gains tax and if a loss, you can deduct up to $3,000 of it per year from your other income.
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