January 2026

📘 Schedule B – Interest and Ordinary Dividends (Attach to Form 1040/1040-SR):- 🔹 Purpose :- Reports taxable interest and dividend income exceeding certain thresholds. 🔹 Key Points :- 1.   Part I – Interest income (bank accounts, bonds, notes). 2.   Part II – Ordinary dividend income (stocks, mutual funds). 🔹 When Required :- You must file Schedule B if: • Interest > $1,500 • Dividends > $1,500 • Foreign accounts/trusts involved • You receive dividends as a nominee. 🔹 Why It Matters :- Ensures proper taxation of passive income and compliance with foreign account reporting rules. 📅 Filing Attach with Form 1040/1040-SR when thresholds are met.

📘 Schedule A – Itemized Deductions (Claim with Form 1040):- 🔹 Purpose Used to report itemized deductions instead of taking the standard deduction on Form 1040. 🔹 Common Deductions Allowed:- 1.   Medical & Dental Expenses – If above 7.5% of AGI 2.   State & Local Taxes (SALT) – Up to $10,000 3.   Home Mortgage Interest – On qualifying loans 4.   Charitable Contributions – Cash & non-cash donations 5.   Casualty & Theft Losses – In federally declared disasters 6.   Miscellaneous Deductions – Only if allowed by IRS rules 🔹 When to Use:- • If your itemized deductions > standard deduction • Common for homeowners, high-tax states, or those with large medical/charity expenses 📅 Deadline • Filed with Form 1040 by April 15 (or Oct 15 with extension) 👉 Example: *If your SALT = $8,000, Mortgage Interest = $12,000, and Charity = $3,000, Total = $23,000. *Since this is greater than 2024 standard deduction ($14,600 single / $29,200 married), you would itemize.

Schedule A – Itemized Deductions : – For claiming actual deductible expenses like medical, mortgage interest, state taxes, charitable donations, etc. Schedule B – Interest and Ordinary Dividends :- For reporting taxable interest and dividend income. Schedule C – Profit or Loss from Business :- For self-employed individuals or sole proprietors. Schedule D – Capital Gains and Losses :- For reporting sales of investments, stocks, bonds, real estate. Schedule E – Supplemental Income and Loss :- For rental real estate, royalties, partnerships, S corporations, trusts. Schedule F – Profit or Loss from Farming :- For farmers reporting income and expenses from farming activities. Schedule H – Household Employment Taxes :- For individuals who employ household workers (e.g., nannies, housekeepers). Schedule SE – Self-Employment Tax :- For calculating Social Security and Medicare tax on self-employment income. Schedule 1 – Additional Income and Adjustments to Income :- For reporting unemployment, gambling winnings, alimony (pre-2019), educator expenses, IRA deductions, student loan interest. Schedule 2 – Additional Taxes :- For alternative minimum tax (AMT), excess advance premium tax credit repayment. Schedule 3 – Additional Credits and Payments :- For non-refundable credits (education, foreign tax) and refundable credits. 💡 Note: Not all taxpayers need every schedule. You only attach the schedules that apply to your tax situation.