Schedule 1

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Updated Jan 29, 2025
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Schedule 1 is a tax attachment between a taxpayer and the IRS that reports additional income such as unemployment or prizes. It is used to ensure all supplemental income and adjustments are properly recorded on the main tax return.
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Reviewed by Jonathan McGill

Template Description

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Schedule 1

Schedule 1 for form 1040 is an additional form used to report certain types of income and adjustments to income that aren't directly noted on the standard form 1040. 

When Is a Schedule 1 Used?

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Schedule 1 tax form is not for everyone. It must be completed by individuals with additional income or adjustments — those whose financial circumstances extend beyond the basics. 

For instance, freelancers, landlords, and even teachers with classroom expense deductions might file an IRS Schedule 1. Remember that if your financial situation doesn't include these elements, Schedule 1 forms are likely unnecessary.

The due date for Schedule 1 2025 is the same as the due date for your main tax report. This usually means that the due date is April 15th every year. 

Parties Involved

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  1. Taxpayer;

  2. IRS;

  3. Tax preparer (optional).

Key Terms

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  • Additional income. Income types that are not immediately seen on form 1040, e.g., rental income.
  • Adjustments to income. Deductions allowing you to lower your taxable income.
  • Form 1040. The primary document for filing an individual federal income tax return.
  • IRS. Internal Revenue Service. The federal body in charge of tax collection.

Elements of a Schedule 1

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A Schedule 1 1040 includes:

  • Part I — Additional Income. Lists entries for alimony received, business income, etc.
  • Part II — Adjustments To Income. Schedule 1 form provides a place for entries like student loan interest, self-employment tax deduction, etc.

How To Create a Schedule 1?

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Creating a form 1040 Schedule 1 can be accomplished digitally or manually. Here’s a step-by-step Schedule 1 process:

  1. Gather Your Documents. Assemble documentation for any additional income or adjustments.

  2. Download Schedule 1 PDF. Obtain the schedule 1 form 1040 from the IRS website or Loio.

  3. Fill Out the Form. Enter information on incomes and deductions as per Schedule 1 instructions.

  4. Review Your Entries. Double-check for accuracy, ensuring all tax IDs and figures are correct.

  5. Submit Together. Attach your completed Schedule 1 with your form 1040 for submission.

For those who find dealing with tax forms overwhelming, Loio can offer assistance. It provides tools to fill out forms like Schedule 1 IRS digitally, making it a hassle-free experience. 

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