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.
