Get IRS 1040 - Schedule 3 (SP) 2022-2024

Schedule 3: Additional Credits and Payments IRS Schedule 3 covers nonrefundable credits (such as the foreign tax credit and the credit for child and dependent care expenses), estimated tax payments and payments made with filing extensions, and the premium tax credit.

The nonrefundable credits on Schedule 3 include: Foreign Tax Credit. Child and Dependent Care Credit. Education credits. Retirement Savings Contribution Credit. Residential energy credits.

Common examples of additional income are business income, rental income, and unemployment compensation. The rest of the form looks at adjustments to income. An adjustment is money you spent during the year that the federal government allows you to exclude from your taxable income.

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. This form is titled Additional Income and Adjustments to Income and has two parts. Schedule 1 is included with your tax return, even if blank.

Schedule 3: Supporting documentation for tax form 1040 if box 12b is checked. This Schedule is used to declare your capital gains or losses for items such as real estate, shares and mutual funds in addition to any other capital properties you have disposed of.

The nonrefundable credits on Schedule 3 include: Foreign Tax Credit. Child and Dependent Care Credit. Education credits. Retirement Savings Contribution Credit. Residential energy credits.

Schedule 3: Additional Credits and Payments IRS Schedule 3 covers nonrefundable credits (such as the foreign tax credit and the credit for child and dependent care expenses), estimated tax payments and payments made with filing extensions, and the premium tax credit.

Line 3 is where you write any business income or loss you had during the tax year. You also need to attach Schedule C. Line 4 asks about other gains or losses, like for the sale or trade of business property, including real estate. Complete and attach Form 4797.