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SCHEDULE 1 (Form 1040) 2024 Additional Income and Adjustments to Income Department of the Treasury Internal Revenue Service Attach to Form 1040, 1040-SR, or 1040-NR. ... IRS for information you provided that helped the IRS detect tax law violations . 24i j. Housing deduction from Form 2555 . . . . . . . . . . . . . . 24j. k
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What is IRS Schedule 1? Schedule 1 is the tax form that the IRS provides for individual taxpayers to report additional income items or adjustments to income that they cannot report on their income tax return.
Not everyone needs to attach Schedule 1 to their federal income tax return. The IRS trimmed down and simplified the old Form 1040, allowing people to add on forms as needed. You only need to file Schedule 1 if you have any of the additional types of income or adjustments to income mentioned above.
Self-employed taxpayers can deduct a portion of their self-employment tax from their income. Self-Employment Tax is covered in the Other Taxes Lesson.
IRS Schedule 1 lists additional income sources such as taxable state refunds, business income, alimony received, and unemployment compensation. Adjustments include HSA deductions, self-employed health insurance, student loan interest, IRA contributions, and alimony paid, to name a few.
If you want to take an adjustment to income that’s not listed on the main Form 1040, or if you received a type of income during the tax year that’s not listed on the 1040, you may need to complete and submit Schedule 1 with your 1040 when you file your federal income tax return.
Do your taxes online for free with an IRS Free File trusted partner. If your adjusted gross income (AGI) was $79,000 or less, review each trusted partner’s offer to make sure you qualify. Some offers include a free state tax return.
Typically, you must use Schedule 1 if one or both of the following apply to your tax situation: You have any type of income that isn't wages, investment dividends or bank interest. This includes unemployment income and rental income.
SCHEDULE 1 (Form 1040) Department of the Treasury Internal Revenue Service Additional Income and Adjustments to Income Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Form1040 for instructions and the latest information. OMB No. 1545-0074. 2020. Attachment Sequence No. 01. Name(s) shown on Form 1040, 1040-SR, or 1040-NR