Forms and Schedules

FORM

WHAT IS IT?

WHERE TO FIND

1040

The 1040 form is the main part of a federal income tax return. It provides a detailed overview of a person’s taxes. Beginning in tax year 2018, there is only one type of 1040 form. Starting in 2019 there is now a 1040-SR for individuals over 65 years of age.

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Supporting Forms

These forms are used to do the calculations for figures that are reported on the 1040 forms.

Schedules

A schedule is an additional form the IRS requires you to prepare if you are reporting certain types of income. The information from this form then flows to the 1040 forms. The schedule breaks out the financial information and is included as part of your return.

Schedule A

Itemized Deductions: includes medical and dental expenses, taxes you paid, mortgage interest expenses, investment interest, gifts to charity, Casualty and Theft Losses (if federally declared disaster), Other Itemized Deductions-see Schedule A.  Beginning tax year 2018-these items no longer deductible on Schedule A.-unreimbursed employee business expenses, job related travel expenses, miscellaneous deductions and less common deductions (including, Business Use of your Home)

Federal > Deductions > Itemized Deductions

Schedule B

Interest and Dividends: Used to report your information from forms 1099-INT (interest paid to you during the year) or 1099-DIV (ex. ordinary dividends from investments).

Federal > Income > Interest and Dividend Income

Business Income: Used if you own your own business or have 1099-NEC earned income. You may not have created a 'business' but if you are working as a contract employee, a consultant, a self-employed individual, etc., Schedule C is used to report the income.

Federal > Income > Profit/Loss from a Business

Capital Gains/Losses: Used if you have gains/losses from the sale of property (ex. stocks, etc.) Reported on 1099-B

Federal > Income > Capital Gains/Loss

Rental Income: Used to report income from rental property.

Federal > Income > Profit or Loss from Rents and Royalties

Farm Income: Used to report income if you are a sole proprietorship to report your farming income and expenses from your business.

Federal > Income > Profit or Loss from Farming

Household Employee Income: Used by the employer to report wages and other items paid to any Household employees.

Federal > Other Taxes > Household Employment Taxes

Additional Income and Adjustments to Income

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Additional Taxes

Additional Credits and Payments

For information on W-2’s, 1098’s, 1099’s, K-1’s and many other common forms please click here.