![]() ![]() Schedule 2: This form is used for reporting additional taxes, and it consists of two parts.Some common examples of items reported on Schedule 1 include alimony, gains or losses from the sale of a business property, unemployment compensation, business income, educator expenses, student loan interest deduction, and health savings account contributions. Schedule 1: This form is used for reporting several common additional income sources or adjustments to income.What are the different schedules used with Form 1040?Įven though Form 1040 is relatively short, there are various schedules, or additional forms, that help taxpayers calculate specific items that apply to Form 1040: TurboTax will do this calculation for you and recommend whether choosing the standard deduction or itemizing will give you the best results. Beginning in 2018, exemption deductions are replaced with higher child tax credits and a new other-dependent tax credit. If the total of your itemized deductions does not exceed the standard deduction for your filing status, then your taxable income will usually be lower if you claim the standard deduction. ![]()
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