Understanding IRS Schedule 1: Additional Income and Adjustments to Income
Schedule 1 is used with Form 1040 to report additional income and adjustments not listed on the main 1040 form.
What Income and Adjustments Are Reported?
- Income like business income, rental income, unemployment compensation
- Adjustments such as educator expenses, student loan interest, and IRA contributions
Filing Tips
- Keep detailed records for all additional income sources
- Take advantage of allowable deductions to reduce taxable income
Related Forms
- Form 1040
- Schedule C
- Schedule E
Need Help with Schedule 1?
Unsure what income or deductions belong on Schedule 1? KARME Tax Services can guide you through accurate reporting and tax savings.
Call KARME today at 972-519-0041 or schedule your consultation online. Let us help you simplify your taxes.