Schedule 1 of the IRS Form 1040 (US Individual Income Tax Return) is used to report additional income and adjustments to income that are not reported directly on page 1 of the Form 1040.
Schedule 1 consists of two pages. The first page covers additional income and the second page covers adjustments to Income.
Part 1 for additional income includes, but is not limited to, the following items:
- Taxable Refunds, Credits, or Offsets of State and Local Income Taxes
- Alimony Received
- Business Income (or Loss) from Schedule C (Profit or Loss From Business)
- Other Gains (or Losses) from Form 4797 (Sale of Business Property)
- Income from a Rental Property, Partnership, S Corporation, Trust or Royalties
- Farm Income (or Loss)
- Unemployment Compensation
- Other Income or Loss
Part II for adjustments to income includes, but is not limited to, the following items:
- Educator Expenses
- Business Expenses of Reservists, Performing Artists, and Fee-Basis Government Officials
- Health Savings Account (HSA) Deductions on Form 8889 (Health Savings Account)
- Moving Expenses for Members of the Armed Forces
- Deductible Part of Self-Employment Tax reported on Schedule SE (Self-Employment Tax)
- Contributions to Retirement Plans for Self-Employed Individuals
- Self-Employed Health Insurance Deduction reported on Form 7206 (Self-Employed Health Insurance Deduction)
- Penalty on Early Withdrawal of Savings
- Alimony Paid to Former Spouse
- Contributions to a Traditional IRA
- Student Loan Interest Deduction
- Other Adjustments
Sample Video Tutorials
Please visit our YouTube channel here for a walkthrough of the Form 1040 Schedule 1.
Additional Information
Taxpayers can find more information on the IRS website here.