Q:

What are tax schedules?

A:

Quick Answer

Tax schedules are rate sheets that taxpayers complete and attach to tax returns for certain types of income or deductions, explains Turbo Tax. Circumstances requiring tax schedules include mortgage interest and interest income.

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Full Answer

The totals computed on the schedules normally transfer to a person's Form 1040 until the individual qualifies to complete simpler tax forms, after which the additional schedules are no longer necessary. The schedules have clearly defined income breakpoints that explain which tax rates apply both above and below them. The breakpoints change every tax year and may contain different income ranges compared to those stated on the municipality or state tax forms, notes Turbo Tax.

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