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Frequently Asked Questions

What is 1040 form Schedule 1?

IRS Form 1040 or the "Schedule 1 - Additional Income And Adjustments To Income" is a form issued by the U.S. Department of the Treasury - Internal Revenue Service.

What is tax exempt interest on 1040?

Taxpayers or borrowers, in turn, must report this tax-exempt interest on Form 1040 or Form 1040A. The amount received as tax-exempt interest is used by the IRS to determine what amount of the taxpayer’s Social Security benefits is taxable.

What is a Schedule 2 of 1040?

Schedule 2, Tax, includes items from lines 44 through 47 of the 2017 Form 1040, such as the tax on a child’s unearned income (commonly called the kiddie tax), the alternative minimum tax, and any excess premium tax credit that must be repaid.


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