Schedules You May Need for Your 2019 Form 1040 – Did You Know?

Many taxpayers were surprised to learn that they needed to include multiple numbered schedules with their 2018 federal Form 1040s. Since the IRS has now combined some of these schedules, there are fewer numbered schedules overall for 2019. However, as a result of this consolidation, the 2019 schedules are longer and more complex.

To avoid having your 2019 return rejected by the IRS as incomplete, pay careful attention to whether you need to add one or more of these schedules to your Form 1040:

– Schedule 1 (Additional Income and Adjustments to Income). Use this form to report non-wage income like business income, alimony and unemployment compensation. You must also file this schedule to claim various above-the-line deductions, such as educator expenses, qualified IRA contributions and student loan interest.

– Schedule 2 (Additional Taxes). Taxpayers must complete this schedule if they owe taxes other than ordinary income or capital gains tax, including self-employment tax, alternative minimum tax, tax on retirement account transactions or payroll taxes for household employees. (Combines Schedules 2 and 4 from tax year 2018.)

– Schedule 3 (Additional Credits and Payments). Use this schedule to claim tax credits such as the Credit for Child and Dependent Care Expenses, Education Credits (American Opportunity and Lifetime Learning) and the Premium Tax Credit (Affordable Care Act). You must also file this schedule if you made 2019 tax payments other than paycheck withholding, such as quarterly estimated tax payments. (Combines Schedules 3 and 5 from tax year 2018.)

Several of the lines on these schedules may require completion of additional schedules and forms. You may also need to file one or more lettered schedules (such as Schedule B for interest and dividend income or Schedule C for business income). An experienced tax pro can help you make sure you have completed all schedules that apply to your circumstances.

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Disclaimer: For informational purposes only. Does not constitute legal, financial, or other advice. Consult with an attorney before taking any action.