The brand-new Form 1040 has simplified the form and moved many of the original lines to separate schedules. The philosophy behind it is to make filing easier for most Americans, who tend to have extremely simplified tax affairs.
Most taxpayers never have to use anything other than the new Form 1040. But for those who do need the schedules, we’re going to go through the six new schedules and what they do.
Schedule 1 – Additional Taxes and Adjustments to Income
If you need to report certain types of income or any adjustments, you’ll use this form.… Read the rest