IRS Tax Schedules
A tax schedule is a form the IRS requires you and/or your contributor(s) to prepare in addition to a tax return when there are certain types of income or deductions. These commonly include things like significant amounts of interest income, education credits, IRS deductions and payments, or child tax credits. Generally, the totals computed on these schedules are transferred to the Form 1040.
Common schedules needed for completing financial aid verification include Schedule 1, Schedule 2, and Schedule 3.
Schedule 1: Submit this schedule if you and/or your contributor(s) have additional income, such as capital gains, unemployment compensation, prize or award money, or gambling winnings. Also, submit this schedule if you and/or your contributor(s) have any deductions to claim, such as student loan interest deduction, self-employment tax, or educator expenses.
Schedule 2: Submit this schedule if you and/or your contributor(s) owe AMT or need to make an excess advance premium tax credit repayment.
Schedule 3: Submit this schedule if you and/or your contributor(s) can claim a nonrefundable credit other than the child tax credit or the credit for other dependents, such as the foreign tax credit, education credits, or general business credit.
Other Schedule Types
If a tax-filer had business income and/or farm income the following schedules may be required.
Schedule C: Submit this schedule if you and/or your contributor(s) had business income.
Schedule F: Submit this schedule if you and/or your contributor(s) had earnings from farm ownership.