What Are IRS Tax Schedules?

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What Are IRS Tax Schedules?

The main form for reporting individual (and joint) income tax is IRS Form 1040. However, certain items reported on Form 1040 require more details. Tax forms used to provide specific details of income or expenses are called schedules.

Schedule A

To itemize your deductions from income, use Schedule A. You report items such as medical and interest expenses and charitable donations.

Schedules B and D

If you received taxable interest last year, you will want to use Schedule B (or Schedule 1 for 1040A filers) to itemize your interest and ordinary dividends. If you had capital gains or capital losses from the sale or exchange of a capital asset, then you may need to use Schedule D. You will need to determine whether your gains are short-term or long-term.

Schedule E

If you received rent, royalties, partnership, or S corporation income or loss, estate income, or trust income, you must use Schedule E to report income or losses. These sources of income are called supplemental income.

In order to accurately report your taxable income and taxes, the IRS forms may require additional schedules to break down items of income and expense to properly classify them so that the correct tax rates may be applied.