Arizona Schedule B

Filing an Extension in Arizona The Arizona Department of Revenue requires that you file for an automatic six-month extension to file your tax return.

Schedule B reports the interest and dividend income you receive during the tax year. However, you don't need to attach a Schedule B every year you earn interest or dividends.In 2020 for example, a Schedule B is only necessary when you receive more than $1,500 of taxable interest or dividends.

As of 2021, the states with no income tax are Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. However, in 2020, Tennessee and New Hampshire did tax investment earnings, so some residents might have to file a state tax return this spring.

Extensions - To receive an automatic extension until October 15, file Form 204, Application for Filing Extension. Arizona will also accept the federal extension for the period covered by the federal extension.

Use Schedule B (Form 1040) if any of the following applies: You had over $1,500 of taxable interest or ordinary dividends. You received interest from a seller-financed mortgage and the buyer used the property as a personal residence. You have accrued interest from a bond.

To fill out a Schedule B, first separate all documents reporting interest payments. You'll then list on the Schedule B each payer and the corresponding amount paid. The next step is to total those numbers. You'll then subtract any interest that can be excluded, such as interest on qualifying US savings bonds.

Schedule B is an IRS tax form that must be completed if a taxpayer has received interest income and/or ordinary dividends over the course of the year. Schedule B is also used to report less common forms of interest or corporate distributions to individuals.

YOU DO NOT REPORT INTEREST earned under $10 period, because the banks do not report it. And it is NOT AGGREGATE it is PER ACCOUNT. If you have 3 savings accounts and each earned $9.99 cents, you DO NOT REPORT IT-PERIOD!

Schedule B is used to report interest and/or dividends. Taxpayers should use Schedule B if they: Had over $1,500 in interest or dividends. Received interest from seller-financed mortgage and the buyer used the property as a personal residence.