A tax schedule is a form that must be prepared by the individual in addition to their tax return when they have certain types of incomes such as interest income, mortgage interest, etc. The various tax schedules that are available are
Schedule A: If you choose to list your deductions rather than claiming them, this form must be filled.
Schedule B: This form requires you to list the sources of interest and dividend payments received during a year.
Schedule C & C-EZ: It is used to report the self-employment income.
Schedule D: If you are selling a capital asset in a year, it must be listed in this form.
Schedule EIC: You report the qualification of your earned income tax credit.
Schedule SE: If you are self-employed you must use this form to pay the Social Security Tax.
There are online sites that assist people in choosing their appropriate schedule forms. There are three important questions in one’s mind when it comes to Tax refund- How much am I paying? How much will be refunded? When will I receive the refund?
It is not easy to answer these questions because it depends on the profession and other details of the individuals. But one thing that can be said is the time it takes to receive the refund amount.
If the individuals submit their form electronically using the IRS E-File, then one can expect the refund without any delays. If one uses paper to submit the forms, then IRS takes more time to process the paperwork. For this year, IRS announced the IRS tax refund schedule chart on January 19, 2016. The refund can be received in three forms- direct deposit in your bank, paper check sent to home, or by buying US Savings Bond with the refund.