IRS Form 1040 Schedule 1 Additional Income and Adjustments to Income

1040 Schedule 1 Instructions

Follow these Schedule 1 1040 instructions to list all extra income you have generated over the last year:

1. Make sure you had income you have to outline with the help of this schedule in the first place - if you only need to list your salary, dividends, interest, capital gains and losses, and social security benefits, you are not required to file this form alongside your tax return.

2. Write down your full name and social security number - these details have to match the ones you put on your income statement . Read the list of additional income that must be indicated in the form - if you got alimony from your ex-spouse after your marriage had officially ended, won money via gambling, received rental payments after letting other people reside in the house or apartment you own, or earned money while being incarcerated, you have to record the amount of income from each category and combine them to clarify how big your additional income has been. The number must be replicated on the tax return. Several types of income will be described in additional documentation - for instance, 1040 Schedule 1 instructions oblige the taxpayer to enclose Schedule C when informing tax authorities about the business income they have earned over the course of the year.

3. Fill out the second part of the form to figure out how your income is going to be adjusted . You may be entitled to claim certain deductions and obtain tax credits that reduce the income subject to tax which means you will be allowed to pay less tax. Specify the amount of deduction you can request after paying student loan interest and alimony and making contributions to your health savings account. Once again, you will be asked to attach the documents that further elaborate on the income you disclose - for example, if you had to relocate as a servicemember, you will have to complete IRS Form 3903, Moving Expenses, in addition to this schedule. All the adjustments must be combined when the calculations are done to record the total amount of adjustments applicable in your case.

4. File Form 1040 Schedule 1 with your tax return before the deadline in April - note there is no need to certify this document.