- December 3, 2020
In this article, let us find the various schedules for Form 1040 and their uses to the tax payers. Check out the information for each schedule and apply accordingly.
| Form | Schedule | Form Description | Form Information |
| Form 1040 | Schedule A | Itemized Deductions | Includes recent updates, related forms and instructions on how to file. Schedule A is used by the tax filers to report their itemized deductions.
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| Form 1040 A or Form 1040 | Schedule B | Interest and Ordinary Dividends | The tax filers uses it to report the interest and ordinary dividend income. |
| Form 1040 | Schedule C | Profit or Loss From Business | Used to report the business income or loss or a profession as a sole proprietor. |
| Form 1040 | Schedule C EZ | Net Profit From Business | Used instead of Schedule C by qualifying small businesses and statutory employees with expenses less than $ 5000. |
| Form 1040 | Schedule D | Capital Gains and Losses | Used to report sales, exchanges or certain capital gain, certain involuntary conversions of capital assets distributions, and nonbusiness bad debts. |
| Form 1040 | Schedule E | Supplemental Income and Loss, | The tax filers use this to report income from royalties, rental real estate, partnerships, trusts, estates S corporations, and residual interests in real estate mortgage investment conduits (REMICs).
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| Form 1040 A or Form 1040 | Schedule EIC | Earned Income Credit | The tax filers who claim the earned income credit to give the IRS information about the qualifying child uses this schedule. |
| Form 1040 | Schedule F | Profit or Loss From Farming | Used to report farm income and expenses. |
| Form 1040 | Schedule H | Household employment taxes | Household employers uses this schedule to report household employment taxes |
| Form 1040 | Schedule J | Income Averaging for Farmers and Fishermen | Use this schedule to elect to figure the income tax by averaging, over the previous 3 years (base years), all or part of your taxable income from your trade or business of farming or fishing.
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| Form 1040 A or Form 1040 | Schedule R | Credit for the Elderly or the Disabled | To figure the credit for the elderly or the disabled.
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| Form 1040 | Schedule SE | Self-Employment Tax | The self-employed person uses this tofigure the self-employment tax due on net earnings.
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| Form 1040 | Schedule 8812 | The taxpayers uses to compute and report both the Child Tax Credit and the Additional Child Tax Credit |
The above table gives you the detailed information about the Schedules of Form 1040. Before applying, check out the uses of each schedule in order to avoid confusion.
