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Schedule B Summary Report

The Schedule B Summary identifies the Interest and Dividend income sources across all households in a couple of quick clicks!

Schedule B is a crucial tool in tax planning, particularly for uncovering income sources and potential tax-saving opportunities. It helps identify:

  1. Interest & Dividend Income – Ensures clients report all taxable interest and dividends, helping you assess if tax-efficient investment strategies (e.g., municipal bonds, tax-advantaged accounts) could reduce their taxable income.
  2. Interest-Bearing Accounts – Identifies accounts generating interest, which could signal opportunities for tax deferral or strategic reallocation to lower-taxed investments.
  3. Qualified vs. Non-Qualified Dividends – Helps determine if clients can optimize their investments for lower capital gains tax rates.
  4. Trusts – Identifies trusts that may require additional reporting and planning for compliance and tax efficiency.
  5. Held-Away Assets – Uncovers assets that may be held at an outside institution not under your management. 

By reviewing Schedule B, you can better understand a client's income structure and identify tax-efficient investment or restructuring opportunities to optimize their overall tax burden and ongoing planning needs. 

Access the Schedule B Summary

To access the Schedule B Summary, go to Tools & Resources > Schedule B Summary 

Click one of the tax years on screen to generate a list of all Households with the Schedule B information stored for any uploaded tax returns for that household and tax year. The most recent available return year can also be used. 

Key parameters to consider to ensure accurate and meaningful insights 

While Holistiplan reads Schedule B for informational purposes, we use the interest and dividend information on Form 1040 to check and validate the tax calculation. Accordingly, Schedule B is not verified by staff members, which may result in some incomplete or corrupt information in this report. We recommend reviewing the original returns and making any updates for completeness. For information on editing or verifying Schedule B entries in Holistiplan, click here.

Additionally, if multiple uploaded tax returns are present (e.g. for Married Filing Separate or if draft returns are uploaded alongside final returns), then Schedule B information for all such returns will be included.