What does Form 1040, Schedule 1 look like and what is it used for?
The Tax Cuts and Jobs Act changed the 1040 and many supplementary schedules were added. Schedule 1 shows additional income and adjustments to income in two separate sections. The first section is for Additional Income such as alimony received, capital gains, rental real estate, and gains or losses from the 4797. The second section is for Adjustments to Income such as alimony paid, HSA deductions, SEP plans, and student loan interest deductions.
2018:
2019:
Starting in tax year 2019, line numbers have been rearranged on Schedule 1 and the schedule has been formally separated into Part I Additional Income and Part II Adjustments to Income:
