Download Schedule B Calculator Template In Excel

Schedule B Calculator is excel template that consists of calculations of taxable interest and ordinary dividends under Schedule B of Form 1040 and 1040A for the federal income tax.

Interests and dividend incomes received during the tax year are posted in Schedule B.

It is not mandatory to file a Schedule B for taxpayer every year. A taxpayer requires filing the Schedule B only when they receives interest and dividend above a certain threshold.

Who needs to file Schedule B tax form?

According to IRS, you require to file Schedule B (Form 1040A or 1040).For the purpose of ease of understanding and avoiding mistakes, we have created an excel template Schedule B Calculator considering all the points.

IRS Schedule B Calculator

Moreover, Schedule B consist of 3 sections:

  1. Interest – Part I
  2. Ordinary Dividend – Part II
  3. Foreign Accounts and Trusts – Part III

1. Interests – Part I (Tax Schedule B)

Usually, all types of interest are subject for federal income tax except Interest earned on Series I and EE savings bonds issued after 1989.

Therefore, These interests include interest from bank savings accounts, investment in corporate bonds etc.

1099 provides you a relevant details to fill in Schedule B.

Simply enter the relevant description as well as amounts in respective cells in Part I. It will automatically make subtotals with a predefine formula using the SUM Function.

As Interests earned on Series I and EE savings bond are not subject to federal income tax, it will deduct from the interest amounts.

2. Ordinary Dividends – Part II

Dividends refer to rewards in the form of cash or shares are given by a company to its shareholders. Similar to interests, if total dividends income exceeds a certain threshold, it is mandatory to file Schedule B.

Also, you need to report the dividends along with the name of the company that has paid dividends.

Enter the name of the organization/company paying the dividend and the amounts in Part II. The system will automatically subtotal the amount for you.

3. Foreign Accounts and Trusts – Part III

A taxpayer must complete Part III, if :

(a) has the taxable interest or dividends over $1,500;

(b) has a foreign account

(c) has received a distribution from, or were a grantor or a transferor to, a foreign trust.

Download this Schedule B Calculator template in Excel Format

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  1. Download this free Excel Template: Once you’ve browsed through our collection of templates and find the one that best fits your needs. Once you’ve found the template you want, click on the download button.

  2. Replace sample data with your actual data: Once the template is downloaded, open it in Excel. You’ll see that it is already set up with sample data. To start analyzing your own data, simply replace the sample data with your actual data.

  3. Customize the template: Our templates are completely editable, which means you can customize them to fit your specific needs. For example, you can change the formatting, add or remove columns, or create new charts and graphs.

  4. Use the Excel template: Once you’ve fed in your data and customized the template, you’re ready to start using it for data analysis. Use the various tools and features of Excel to analyze and visualize your data, and make informed business decisions.

  5. Save and share: Once you’ve finished working on the template, save it to your computer and share it with other members of your team or stakeholders as needed.

Click Download Button To Get Schedule B Calculator Excel Template

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