What is the difference between Schedule 1 & 1040?

Like Schedule 1, this form may be blank but included in your 1040. It is a two-page form in two parts. Part I is titled Tax and is for the alternative minimum tax (AMT) and excess advance premium tax credit repayment, which is related to ACA health insurance credits. These two values are added and transferred to form 1040. That’s it for Part I.

What is Schedule 2 on a 1040?

Schedule 2 Schedule 2 is for Additional Taxes. Like Schedule 1, this form may be blank but included in your 1040. It is a two-page form in two parts. Part I is titled Tax and is for the alternative minimum tax (AMT) and excess advance premium tax credit repayment, which is related to ACA health insurance credits.

Do I have to use Schedule 1 on Form 1040?

Once you have entered all of your various types of income on Schedule 1, the total is transferred to line 8 of Form 1040. You don't have to use Schedule 1 if all of your income comes from the five categories included on Form 1040: wages, interest and dividends, retirement income, Social Security benefits, or capital gains or losses.