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Schedule 2 Use this if you need to report additional taxes owned such as the alternative minimum tax or taxes on other forms of income such as a child's unearned income from investments.
Schedule 1 is for taxpayers with additional sources of income (not from a W-2) or adjustments to income, such as IRA contributions, student loan interest, and health savings account contributions. Schedule 2 is a form for people with some other forms of taxes, such as on a child's unearned income.
Rather than having an extremely long 1040 form that includes a host of information that many taxpayers never have to think about, the new forms move a lot of the detailed information to separate schedules. Schedule 2 is a short form that includes just a few lines.
What is IRS Schedule 1? A lot of the information on Schedule 1 used to be on the old Form 1040, like business income and health savings account, or HSA, deductions. But the revised Form 1040 took information from the old 1040 and moved it to a series of new forms, called schedules.
Key Point: The due date for your 2018 Form 1040 is April 15, 2019, unless you live in Maine or Massachusetts, in which case your deadline is April 17, 2019. You can automatically extend your return to Oct. 15, 2019 by filing Form 4868 with the IRS on or before the applicable deadline.
Schedule 1, Additional Taxes and Adjustments to Income Taxpayers use this schedule to report income or adjustments to income that can't be entered directly on Form 1040. ... This also includes the student loan interest deduction, self-employment tax, or educator expenses.
Schedule 1, Additional Taxes and Adjustments to Income Taxpayers use this schedule to report income or adjustments to income that can't be entered directly on Form 1040. ... This also includes the student loan interest deduction, self-employment tax, or educator expenses.
Schedule 2 Use this if you need to report additional taxes owned such as the alternative minimum tax or taxes on other forms of income such as a child's unearned income from investments. ... That can include self-employment tax, uncollected Social Security taxes and additional taxes on IRA withdrawals.
Adjustments to income on Schedule 1 Also included on Schedule 1 is the Adjustments to Income section, which used to be reported on Page 1 of Form 1040. These items which are known as above-the-line tax deductions because you don't have to itemize your deductions to take them include
A tax schedule is a form the IRS requires you to prepare in addition to your tax return when you have certain types of income or deductions. These commonly include things like significant amounts of interest income, mortgage interest or charitable contributions.
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