Get IRS 1040 - Schedule 1 (SP)_DSA

Schedule 1 (Form 1040) Additional Income and Adjustments to Income. Have additional income, such as unemployment compensation, prize or award money, gambling winnings. Have any deductions to claim, such as student loan interest deduction, self-employment tax, educator expenses.

For the latest information about developments related to Schedule I and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form1041.

For the latest information about developments related to Schedule I and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form1041.

"Other Income" is its own line entry on the federal Schedule 1. For example, on the 2022 Schedule 1, Line 8 is Other Income and has 17 items, including the examples below, plus an additional line for other income not listed that a taxpayer can use to input a type of income manually.

Line 20 allows you to deduct contributions you made to a traditional IRA, as long as you made it with money you already paid income tax on.

Schedule 1 is used to report types of income that aren't listed on the 1040, such as capital gains, alimony, unemployment payments, and gambling winnings. Schedule 1 also includes some common adjustments to income, like the student loan interest deduction and deductions for educator expenses.

Virtually everybody uses the regular Form 1040, but there are also three common schedules you may or may not have to tack onto it, depending on your tax situation and whether you want to claim certain deductions and credits. Some people may not have to file any of these schedules, while others may need to file more.

To find out how much you paid in a given year, pull up your 1040 tax form and look at line item 16, labeled your "total tax." Line item 17 shows how much was withheld from your paychecks for federal taxes in a year, and line 16 shows how much you paid in total after receiving your refund.