If the Financial Aid Office becomes aware of conflicting information, we may request a Schedule 1, Schedule 2, or Schedule 3. Beginning with the FAFSA year 2020-2021, no other schedules are typically required for verification.
Schedule 1:To be verified if there is conflicting information
Schedule 1is used toreport types of income that aren'tlisted on the 1040, such as capital gains, alimony, unemployment payments, and gambling winnings.Schedule 1 also includes some common adjustments to income, like the student loan interest deduction and deductions for educator expenses.
Schedule 2:Supporting documentation for tax form 1040 if box 11b is checked.
This Schedule is used to report additional taxes owed such as the alternative minimum tax, self-employment tax, or household employment taxes.
Schedule 3:Supporting documentation for tax form 1040 if box 12b is checked.
This Schedule is used to declare your capital gains or losses for items such as real estate, shares and mutual funds in addition to any other capital properties you have disposed of.
FAQs
Schedule 1 for additional income and "above the line" deductions. Schedule 2 for additional taxes. Schedule 3 for additional credits and payments.
What is the new IRS question that must be answered? ›
”At any time during 2023, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”
Is IRS Schedule 1 required? ›
You don't have to use Schedule 1 if all of your income comes from the five categories included on Form 1040: wages, interest and dividends, retirement income, Social Security benefits, or capital gains or losses.
What does Schedule 1 and 2 mean on taxes? ›
Schedule 1 also includes some common adjustments to income, like the student loan interest deduction and deductions for educator expenses. Schedule 2: Supporting documentation for tax form 1040 if box 11b is checked.
What is Schedule 3 used for? ›
Schedule 3 is a supplemental form associated with Form 1040 that U.S. taxpayers use to report non-refundable tax credits beyond the basic child tax credit or the credit for other dependents. Credits listed on this schedule include the foreign tax credit, education credits, and the general business credit, among others.
Where can I get answers to IRS questions? ›
Call the IRS toll free at 800-829-1040 or make an appointment to visit an IRS taxpayer assistance center (TAC).
How do I get an answer from the IRS? ›
For individual tax returns, call 1-800-829-1040, 7 AM - 7 PM Monday through Friday local time. The wait time to speak with a representative may be long. This option works best for less complex questions. For questions about a business tax return, call 1-800-829-4933, 7 AM - 7 PM Monday through Friday local time.
What to do if the IRS won't answer? ›
IRS System Issue
If the IRS was supposed to respond to you or resolve your account by a specific date and they have not, you may qualify for TAS assistance. If an IRS system or procedure has failed to operate as intended, or failed to resolve your problem or dispute with the IRS, TAS may be able to help you.
Is IRS Schedule 2 required? ›
Form 1040 Schedule 2 includes two parts: "Tax" and "Other Taxes." Taxpayers who need to complete this form include: High-income taxpayers who owe alternative minimum tax (AMT) Taxpayers who need to repay a portion of a tax credit for the health insurance marketplace.
Should I have a Schedule 1? ›
Generally, taxpayers file a Schedule 1 to report income or adjustments to income that can't be entered directly on IRS Form 1040. This question is used to help determine if you may be eligible to skip certain questions in the FAFSA form.
1040 Schedule A is an optional attachment to Form 1040. The goal of the schedule is to help walk taxpayers through allowable tax deductions to reduce their overall tax liability.
What is a Schedule 1 2 3 on 1040? ›
Schedules 1, 2, and 3 are supplemental documents that are part of a taxpayer's income tax filing package, even if they aren't filled out. This form is titled Additional Income and Adjustments to Income and has two parts. Schedule 1 is included with your tax return, even if it is blank.
What are examples of adjustments to income? ›
Examples of adjustments include half of the self-employment taxes you pay; self-employed health insurance premiums; contributions to certain retirement accounts (such as a traditional IRA); student loan interest paid; educator expenses, etc.
What line on 1040 shows refund amount? ›
If you filed Form 1040, Form 1040-SR, or Form 1040-NR, use the amount on Line 35a. If you filed Form 1040-PR or Form 1040SS, the refund amount is found on Line 14a.
What is the difference between Schedule 1 and Schedule 3? ›
Schedule I substances are deemed to have no medical value and a high potential for abuse. Schedule III substances, in turn, are substances with moderate to low abuse potential, a currently accepted medical use, and a low potential for psychological dependence.
What if you don't have a schedule 2 for FAFSA? ›
If you don't have Schedule 2 for FAFSA (Free Application for Federal Student Aid), you may not need to report additional taxes. However, it's essential to consult with a tax professional or the IRS for specific guidance.
What is the Schedule 1 for fafsa? ›
The Schedule 1 is a form that's filed separately to report income or any adjustments to previously reported income. Understanding taxes is only the beginning of the financial aid process. It's crucial to fill out this form so you can discover your eligibility for aid.
