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Video instructions and help with filling out and completing Form What Is IRS 1040a vs. Form 1040 Schedule Eic

Instructions and Help about Form What Is IRS 1040a vs. Form 1040 Schedule Eic

Hey there youtube so for this video i wanted to cover the form 1040 schedule one that's included with your tax return so schedule one is used to report additional income and adjustments income you attach it to your 1040 1040 sr or your non-resident 1040 as it has stated up here at the top but what's important here is the schedule one is always included with your tax return even if these items are blank so if you're looking at your 1040 and you see that you've got a blank schedule one that might be okay right it's it's very possible that this could be blank if for example you just have uh you know one w-2 and maybe some investment income you likely might not have any items that are going to be reported in part 1 or part 2 here but what i want to do is just go through both parts and each line item and kind of high level cover what each line item represents and when you might need to include an amount there and then perhaps an additional schedule or form that ultimately has a number that flows through to this schedule one okay so if we start the top here for part one additional income taxable refunds you would have this field completed if you live in a state that imposes an income tax so not florida for example if you lived in new york and you had paid state income taxes to the state of new york and if you itemize your tax deductions and deducted those state income taxes and arriving in your federal taxable income you and you deducted all those earnings and you got a tax refund from the state a portion of that tax refund might be...

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