2023 Form 1040 Schedule 1 - Additional Income and Adjustments to Income

Here are some common uses of Schedule 1:

  1. Additional Income:

    • Rental Income: If you earn rental income from real estate or property you own, it is reported on Schedule 1.
    • Business Income: If you have income from a sole proprietorship or single-member LLC, it may be reported on Schedule 1.
    • Farm Income: Income from farming activities is also reported on this schedule.
  2. Adjustments to Income:

    • Educator Expenses: If you're a teacher and have unreimbursed expenses for classroom supplies, you can deduct them here.
    • Student Loan Interest Deduction: If you paid interest on qualifying student loans, you may be eligible for a deduction.
    • Health Savings Account (HSA) Deduction: Contributions to an HSA may be deductible and are reported on this schedule.
    • Self-Employed Health Insurance Deduction: If you're self-employed and pay for your own health insurance, you may be able to deduct it.
  3. Other Adjustments:

    • Alimony: If you pay alimony, you may be able to deduct it.
    • IRA Deduction: Contributions to a traditional IRA may be deductible, and this is reported on Schedule 1.