How to Fill Out Schedule 1 Form 1040 for 2024 | 2025 Tax Season

See the links below for more detailed tutorials on each line item.

Schedule 1 (Additional Income & Adjustments) is filed with a Taxpayer's Form 1040 to report other items of income and deductions that are not reported directly on Page 1 of Form 1040.

00:49 Example Fact Pattern
04:49: Schedule C
05:43: Royalty Income Schedule E
07:39: HSA Deductions with Form 8889
08:49: Deductible SE Taxes with Schedule SE
10:30: Traditional IRA Deduction
11:47: Student Loan Interest Deduction

In this video, we walk through some of the most common Schedule 1 income items, and we have links below to more detailed tutorials.

Schedule C (Profit and Loss from Business)
- TurboTax Schedule C for Furniture Store: https://youtu.be/5ZLb6hKta_Y
- TurboTax Schedule C Tutorial: https://youtu.be/trnYIGq1Dzs
- Schedule C Example: https://youtu.be/EvWPC5CHHQE

Self Employed Health Insurance Deduction
- Form 7206: https://youtu.be/_0EjXrkBQk8
- Form 7206: https://youtu.be/OylH0nRswWQ

Form 4797 (Sale of Business Property)
- Sale of Business Vehicles: https://youtu.be/Ge_fJX9Z8mc
- Sale of Real Estate: https://youtu.be/wmgfRXVGZf4
- Nonrecaptured Section 1231 Losses: https://youtu.be/uDzLCzRfcvk
- Section 1250 Recapture: https://youtu.be/jgQgMgL9-jw
- Stock Trader MTM Election: https://youtu.be/YDF5dT4utc8

Schedule E (Supplemental Income & Loss)
- TurboTax Royalty Income: https://youtu.be/Lw8amxFIw6Q
- Record Unreimbursed Partnership Expenses: https://youtu.be/iWbc6klh9rc

Gambling Income and Losses (Form W-2G)
- How to Report Gambling Winnings & Losses: https://youtu.be/qji3ZSmvIH8
- Gambling Winnings & Losses Example: https://youtu.be/uwfODJPn6dU
- Form 5754 Split Winnings: https://youtu.be/FMDCBRplKOM

Cancelled Debt Income (Form 1099-C)
- Form 982 Example for Excluded Debts: https://youtu.be/lTgNjG6nEyk
- Form 1099-C Cancelled Debt Exclusion: https://youtu.be/tC25zpKYdLA
- S Corporation Debt Forgiveness: https://youtu.be/60NldMgiRwY

Form 1099-K Reporting for Personal Sales
- Tax Issues on Personal 1099-K Reporting: https://youtu.be/DmtxWqMCEqI
- How to Report Personal Use Sale: https://youtu.be/O_mz6Lk0alg
- Form 1099-K $600 Rules: https://youtu.be/C5Z9fRNEIFU
- IRS Suspends 1099-K Reporting: https://youtu.be/bs1GThfNs64

Form 8889 Health Savings Accounts (HSA)
- TurboTax Form 8889 Tutorial: https://youtu.be/UQOvWqjAcPE
- How to Form 8889 Tutorial 2023: https://youtu.be/hYPnM2cI638
- HSA and 20% penalty: https://youtu.be/LzHaxlTp9i4

Self-Employment Taxes (Schedule SE)
-Taxes on Partnership Income: https://youtu.be/qnUyy2S5S4s
- Schedule C: https://youtu.be/6lootQAW4mI

Self-Employed Health Insurance Deduction (Form 7206)
- IRS Form 7206 Tutorial: https://youtu.be/OylH0nRswWQ
- Health Insurance S Corp Shareholder: https://youtu.be/eX4HcEvEtk8

Penalty on Early Withdrawal of Savings Accounts
- Early Withdrawal on CD: https://youtu.be/O8Ja7FUHgyw

Traditional IRA Contribution Deduction
- Form 8606 for the 2024: https://youtu.be/jRbBCeg2Y1Q
- TurboTax Traditional IRA Contribution: https://youtu.be/06b4x4nRXqY
- Backdoor Roth IRA: https://youtu.be/uNuXA7nCgyc
- Max IRA Contribution for 2021 & 2022: https://youtu.be/mTKgKmaiMzw
- Form 8606 Nondeductible Contribution: https://youtu.be/zpY5-bARMH4

Student Loan Interest Deduction
- How to Record Form 1098-E: https://youtu.be/QJNY02cZlCs

For a larger database of tutorials, please visit our website and search for your question:
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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

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Видео How to Fill Out Schedule 1 Form 1040 for 2024 | 2025 Tax Season канала Jason D. Knott
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