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.
|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).
|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.
|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.
|Form 1040||Schedule SE||Self-Employment Tax||The self-employed person uses this tofigure the self-employment tax due on net earnings.
|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.