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Schedule 1: Additional Income and Adjustments to Income. IRS Schedule 1 lists additional income sources such as taxable state refunds, business income, alimony received, and unemployment compensation. Adjustments include HSA deductions, self-employed health insurance, student loan interest, IRA contributions, and alimony paid, to name a few.
And then follow the IRS instructions for sending in the Schedule 1 to them. **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Schedule K-1 Box 20 Code AJ is new for tax year 2023. TurboTax has not released the updated forms for this year, which is why you are seeing an out-of-date K-1 in TurboTax for Desktop. According to the Forms Availability Table, Schedule K-1 is expected to be released on February 21, 2024. Because updates are released after business hours ...
However, you may be able to deduct on Schedule 1 (Form 1040), line 17, the amount you paid for health insurance on behalf of yourself, your spouse, and dependents, even if you do not itemize your deductions. See the in- structions for Schedule 1 (Form 1040), line 17, for details. March 7, 2022 3:53 PM. 2. Reply.
IRS Schedule 1 does not. However, IRS Schedule 1 appears in drop down when I click Open Form icon. I select it – it has 0 on Line 1 for state income taxes and 0 on Line 10. Don’t understand why IRS Schedule 1 that applies to my tax return does not appear in forms list when other forms appear that do not apply to my tax return.
My K-1 form shows the following: Code AJ: Aggregate Business Activity Gain (Loss) on Dispo. of Property $26,671. Code AJ: Aggregate Business Gross Income $8,508. Code AJ: Aggregate Business Activity Total Deduction $3833. I initially planned on entering the all, but separately on Box 20 code AJ (even though it doesn't state the exact wording by ...
Each of these forms comes with an attached Section 199A Statement. You'll need this to enter your information into TurboTax using the following steps: Note: If your TurboTax navigation looks different from what’s described here, learn more. Enter your Schedule K-1 Section 199A Statement amounts. If your Schedule K-1 Section 199A Statement ...
To enter your K-1 information, select your version of TurboTax and follow the instructions provided: TurboTax Online. Open or continue your return in TurboTax by selecting the Continue or Start button on the Tax Home screen. Select next to the type of Schedule K-1 form you have, then enter your information. Continue through the questions until ...
If so respond directly to the letter with Sch 1. Don’t file an amended return (Form 1040X). It takes several months to process it. Just respond to notice with information requested. There’s likely a fax number or instructions to upload your documents on the letter from IRS. View solution in original post.
You need to use the Forms option (see the icon on top right of your screen) and pull up 1040/1040SR Wks (1st entry in the list) and scroll down to Schedule I, line 8(z). Next, click on the number box entry for line 8(z) and use the magnifying glass icon to bring up Schedule 1, line 8 Other Income Statement.
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