What is a Schedule 1 2 & 3?

Schedules 1, 2, and 3 are supplemental documents that are part of a taxpayer’s income tax filing package, even if they aren’t filled out. Schedule 1 This form is titled Additional Income and Adjustments to Income and has two parts. Schedule 1 is included with your tax return, even if it is blank.

What is a Schedule 1 tax return?

The values from any additional forms will flow through to Schedule 1. The first part of Schedule 1 is Additional Income. This can include alimony, gambling, business revenue, tax refunds, debt cancellation, and more. Part I income is totaled and reported on Form 1040. Part II is Adjustments to Income.

What is a Schedule 1 adjustment to income?

Schedule 1 adjustments to income reduce your adjusted gross income without having to itemize deductions. Form 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.