![]() Still, it's a good idea to familiarize yourself with the forms you need so you know what to look for when you review your tax return before filing. Of course, if you use TurboTax to file your tax return, you just need to answer a few questions and we'll complete the right forms based on the information you provide. One of those forms is Schedule 1 ( Form 1040), which lists additional types of income that aren't listed on Form 1040, as well as some additional adjustments to income. ![]() Schedule 1 adjustments to income reduce your adjusted gross income without having to itemize deductions.įorm 1040 may be the main form people think of at tax time, but most taxpayers need to attach one or more additional forms, or schedules, to their federal income tax return.These can include contributions to health savings accounts, the deductible part of self-employment taxes, and IRA contribution deductions. You can include adjustments to income in Part II of Schedule 1.Some items included on Schedule 1 must be accompanied by an additional form or schedule, such as Schedule C to report income or loss from a business or Schedule E to report rental income or royalties.Form 1040 Schedule 1 is the place to report types of income not included on Form 1040, including taxable refunds of state and local income taxes, alimony received, income or loss from a business rent and royalty income, and more.
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