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:    • TurboTax 2022 Form 1040 - Schedule C Tutor...  
TurboTax Schedule C Tutorial:    • TurboTax 2022 Form 1040 - Schedule C Tutorial  
Schedule C Example:    • Step-by-Step Guide on How to Complete Sche...  

Self Employed Health Insurance Deduction
Form 7206:    • IRS Form 7206 for Self-Employed Health Ins...  
Form 7206:    • IRS Form 7206 for Self-Employed Health Ins...  

Form 4797 (Sale of Business Property)
Sale of Business Vehicles:    • How to File IRS Form 4797 Sale of Business...  
Sale of Real Estate:    • How to Complete IRS Form 4797 For the Sale...  
Nonrecaptured Section 1231 Losses:    • How to File IRS Form 4797 - Nonrecaptured ...  
Section 1250 Recapture:    • How to File IRS Form 4797 - Section 1250 O...  
Stock Trader MTM Election:    • How to Complete IRS Form 4797 for Section ...  

Schedule E (Supplemental Income & Loss)
TurboTax Royalty Income:    • TurboTax 2022 Form 1040 - Schedule E Royal...  
Record Unreimbursed Partnership Expenses:    • How to Record your Unreimbursed Partnershi...  

Gambling Income and Losses (Form W-2G)
How to Report Gambling Winnings & Losses:    • How to Report Gambling Winnings & Losses o...  
Gambling Winnings & Losses Example:    • Form 1040 Gambling Winnings and Losses  
Form 5754 Split Winnings:    • IRS Form 5754 - How to Split Gambling Winn...  

Cancelled Debt Income (Form 1099-C)
Form 982 Example for Excluded Debts:    • IRS Form 1099-C Explained with Form 982 fo...  
Form 1099-C Cancelled Debt Exclusion:    • Cancelled Debt Income is Taxable!  Use IRS...  
S Corporation Debt Forgiveness:    • S Corporation Debt Forgiveness - Is it Tax...  

Form 1099-K Reporting for Personal Sales
Tax Issues on Personal 1099-K Reporting:    • U.S. Taxes on Sale of Personal Use Items -...  
How to Report Personal Use Sale:    • How to Report Form 1099-K on Form 1040 for...  
Form 1099-K $600 Rules:    • $600 Rule for 2022.  Form 1099-K from PayP...  
IRS Suspends 1099-K Reporting:    • IRS Suspends $600 Form 1099-K Reporting - ...  

Form 8889 Health Savings Accounts (HSA)
TurboTax Form 8889 Tutorial:    • TurboTax 2022 Form 1040 - How to Record HS...  
How to Form 8889 Tutorial 2023:    • IRS Form 8889 (HSA) Example for 2023 - Ste...  
HSA and 20% penalty:    • IRS Form 8889 - Taxable Distributions from...  

Self-Employment Taxes (Schedule SE)
-Taxes on Partnership Income:    • Do I Pay Self-Employment Taxes on Partners...  
Schedule C:    • IRS Schedule SE (Self-Employment Tax) Sche...  

Self-Employed Health Insurance Deduction (Form 7206)
IRS Form 7206 Tutorial:    • IRS Form 7206 for Self-Employed Health Ins...  
Health Insurance S Corp Shareholder:    • How to Deduct Health Insurance for S Corpo...  

Penalty on Early Withdrawal of Savings Accounts
Early Withdrawal on CD:    • IRS Form 1099-INT:  Early Withdrawal Penal...  

Traditional IRA Contribution Deduction
Form 8606 for the 2024:    • Traditional IRA Contributions for 2024 wit...  
TurboTax Traditional IRA Contribution:    • TurboTax 2022 Form 1040 - Traditional IRA ...  
Backdoor Roth IRA:    • What is the Backdoor Roth IRA Conversion a...  
Max IRA Contribution for 2021 & 2022:    • Maximum Traditional IRA Contribution Limit...  
Form 8606 Nondeductible Contribution:    • Step-by-Step Guide to IRS Form 8606 - Nond...  

Student Loan Interest Deduction
How to Record Form 1098-E:    • How to Deduct Student Loan Interest on For...  

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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