Tax Forms

Question 1

What does Schedule 1 consist of?

Answer 1

Additional income and adjustments to income such as extra money from unemployment, prize money, business income, student loan interest, or educator expenses

Question 2

What does Schedule 2 consist of?

Answer 2

Additional taxes that covers alternative minimum tax and self-employment tax

Question 3

What does Schedule 3 consist of?

Answer 3

Additional credits and payments like foreign tax credit, estimated tax payments, and education credits

Question 4

What does Schedule A consist of?

Hint: a “i”

Answer 4

Itemized deductions such as
* Medical expenses
* SALT
* Interest expenses
* Charitable contributions
* casualty/theft

Question 5

What does Schedule B consist of?

Answer 5

Interest and ordinary dividends like bonds and stocks

Question 6

What does Schedule C consist of?

Hint: “c” for company

Answer 6

Net Income from self-employment

Question 7

What does Schedule D consist of?

Answer 7

Capital gains and losses from sale of investments such as stocks, bonds, and real estate for an example

Question 8

What does Schedule E consist of?

Answer 8

Supplemental Income and Loss from rental real estate, royalties, partnerships, s corporations, estates, and trusts

Real estate taxes and mortgage interest are either deducted on the Schedule E or an itemized deduction (subject to limitations)

Question 9

What does Schedule F consist of?

Answer 9

Profit or loss from farmers

Question 10

What does Schedule H consist of?

Answer 10

Household employment taxes like nannies or cleaners

Question 11

What does Schedule J consist of?

Answer 11

Averaged income for famers and fisherman over a span of 3 years in order to lower tax liability

Question 12

What does Schedule R consist of?

Answer 12

Tax credits for the elderly or the disabled

Question 13

What does Schedule SE consist of?

Answer 13

Self-employment tax