Uncorking Your Income: Making Adjustments on Schedule 1

In this episode of Wine and Dime, Amy Irvine is back to talk about the wonderful and illustrious 1040! Amy dives into Schedule 1, which is actually an extension of the front side of the 1040. Schedule 1 is all about additional income and adjustments to income.

What you'll learn:

Different income items included in Schedule 1 Form 4797 and Form 2550Types of income need to be reported on Schedule 1Pudding River Pinot Noir for International Women's Day

Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!

If you have any questions that you would like answered on the show, feel free to email us at [email protected]

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

I. Additional Income Items

Taxable refunds, credits, and offsets to state and local income taxesAlimony payments received (before or after 2019)Business income or loss (covered in more detail in part five)Other gains or losses (reported on Form 4797)Rental income (reported on Schedule E)Farm income or loss (reported on Schedule F)Unemployment compensationAny other income received (e.g. net operating loss, gambling, foreign earned income exclusion)Income from other resources (various forms may be required)Alaska permanent fund dividendsJury duty payPrizes or awards

II. Adjustments to Income

Educator expensesCertain business expenses of reservists, performing artists, and fee-basis government officials.Health savings account (HSA) contributionsMoving expensesDeductible part of self-employment taxSelf-employed SEP, SIMPLE, and qualified plansSelf-employed health insurance deductionPenalty on early withdrawal of savingsAlimony paid (before or after 2019)IRA contributionsStudent loan interest deductionTuition and fees deduction

Conclusion:

Schedule 1 is an important part of the 1040 tax form that covers additional income and adjustments to income.By understanding what needs to be reported and deducted, taxpayers can ensure they are accurately completing their tax return.

Pudding River Winery's Pinot Noir:

From the Willamette Valley in Oregon, Pudding River Winery's Pinot Noir is a complex and elegant wine with a deep ruby color and aromas of cherry, raspberry, and vanilla.On the palate, it has a smooth and silky texture with flavors of red fruit, spice, and a hint of earthiness.This wine pairs well with grilled salmon, roasted duck, or mushroom risotto.It has received high ratings from wine critics and is a great choice for those looking to explore the world of Oregon Pinot Noir.

Links discussed in this episode:

The IRS website provides detailed instructions on how to fill out Schedule 1, including a line-by-line breakdown:

In this episode of Wine and Dime, Amy Irvine is back to talk about the wonderful and illustrious 1040! Amy dives into Schedule 1, which is actually an extension of the front side of the 1040. Schedule 1 is all about additional income and adjustments to income.

What you'll learn:

Different income items included in Schedule 1 Form 4797 and Form 2550Types of income need to be reported on Schedule 1Pudding River Pinot Noir for International Women's Day

Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!

If you have any questions that you would like answered on the show, feel free to email us at [email protected]

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

I. Additional Income Items

Taxable refunds, credits, and offsets to state and local income taxesAlimony payments received (before or after 2019)Business income or loss (covered in more detail in part five)Other gains or losses (reported on Form 4797)Rental income (reported on Schedule E)Farm income or loss (reported on Schedule F)Unemployment compensationAny other income received (e.g. net operating loss, gambling, foreign earned income exclusion)Income from other resources (various forms may be required)Alaska permanent fund dividendsJury duty payPrizes or awards

II. Adjustments to Income

Educator expensesCertain business expenses of reservists, performing artists, and fee-basis government officials.Health savings account (HSA) contributionsMoving expensesDeductible part of self-employment taxSelf-employed SEP, SIMPLE, and qualified plansSelf-employed health insurance deductionPenalty on early withdrawal of savingsAlimony paid (before or after 2019)IRA contributionsStudent loan interest deductionTuition and fees deduction

Conclusion:

Schedule 1 is an important part of the 1040 tax form that covers additional income and adjustments to income.By understanding what needs to be reported and deducted, taxpayers can ensure they are accurately completing their tax return.

Pudding River Winery's Pinot Noir:

From the Willamette Valley in Oregon, Pudding River Winery's Pinot Noir is a complex and elegant wine with a deep ruby color and aromas of cherry, raspberry, and vanilla.On the palate, it has a smooth and silky texture with flavors of red fruit, spice, and a hint of earthiness.This wine pairs well with grilled salmon, roasted duck, or mushroom risotto.It has received high ratings from wine critics and is a great choice for those looking to explore the world of Oregon Pinot Noir.

Links discussed in this episode:

The IRS website provides detailed instructions on how to fill out Schedule 1, including a line-by-line breakdown: https://www.irs.gov/forms-pubs/about-schedule-1-form-1040Pudding River Winery: https://www.puddingriverwinecellars.com/Oregon Wine Board: https://industry.oregonwine.org/Willamette Valley: https://willamettewines.com/

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help. Visit www.rootedpg.com to learn more.