Form What Is IRS 1040a vs. Form 1040 Schedule Eic 2024

Divide this text into sentences and correct mistakes: - Hey there YouTube, so for this video, I wanted to cover the Form 1040 Schedule 1 that's included with your tax return. - So, Schedule 1 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 that Schedule 1 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 1, that might be okay. - It's possible that this could be blank if, for example, you just have 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 1. - Okay, so if we start at the top here for Part 1, 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 in arriving at your federal taxable income, and you deducted all those earnings and you got a tax refund from the state,...