What is a 1040 Schedule 1?

The 1040 Schedule 1, commonly referred to as "Additional Income and Adjustments to Income," is a crucial form used alongside the standard Form 1040 for federal income tax filings in the United States. This schedule allows taxpayers to report various additional sources of income or adjustments that might not be covered in the primary Form 1040.

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.

What is the adjustments to income section of Form 1040?

This lesson covers the Adjustments to Income section of Form 1040, Schedule 1. Taxpayers can subtract certain expenses, payments, contributions, fees, etc. from their total income. The adjustments, subtracted from total income on Form 1040, establish the adjusted gross income (AGI). Some items in the Adjustments to Income section are out of scope.