Schedule 3
All states | 22 types
1040 Schedule 3 is a supplementary document for reporting additional credits and payments not initially covered on the base form 1040. These credits can include everything from child and dependent care to refundable credits like the health coverage tax credit.
When Is a Schedule 3 Used?
Any taxpayer whose financial affairs warrant additional credits or payments will file the IRS Schedule 3. Whether you’re a freelancer paying a foreign tax or an individual claiming education credits, you will find Schedule 3 indispensable. Schedule 3 tax form must be filed by the April 15 deadline unless granted an extension.
Parties Involved
- Taxpayer;
- Tax preparer or advisor;
- IRS.
Key Terms
- Additional Credits. Specific credits beyond those directly listed on Form 1040.
- Refundable Credits. These can be refunded to you even if you have no tax liability.
- Non-Refundable Credits. These reduce the total tax liability but cannot create a refund.
Elements of a Schedule 3
Part I of Schedule 3 form. Non-refundable credits
- Foreign tax credit;
- Child and dependent care credit.
Part II of tax Schedule 3. Other payments and refundable credits
- Net premium tax credit;
- Health coverage tax credit.
How To Create a Schedule 3?
Download the Form. Access the Schedule 3 1040 PDF from the IRS website or Loio.
Gather Necessary Information. Compile your tax documents, noting any credits you're eligible for.
Follow Schedule 3 Form 1040 Instructions. Carefully read through each section's instructions to ensure accurate reporting. The 2025 schedule 3 instructions guide you step-by-step through completion.
Review and Submit. Double-check your entries against a IRS Form 1040 schedule 3 to confirm accuracy, then submit it.
Use Loio’s PDF tool to fill out the IRS 1040 Schedule 3. This removes the hassle of manually completing forms, ensuring accuracy and efficiency without overwhelming yourself.