aying taxes is a strict requirement. Failure to pay could mean punishment, even jail time. Earning individuals therefore have no choice but to pay their income taxes. This is why most full time U.S. resident individual taxpayers are familiar with the form used in filing, the Form 1040 or the U.S. Individual Income Tax Return. However, filing the income tax return is not as easy as just filling up the form and submitting it to the Internal Revenue Service (IRS). Form 1040 must be submitted with attachments called schedules depending on the tax situation of the individual. Now comes the 1040 question; “What are these 11 Form 1040 attachments or schedules and their use?”
An itemization of allowable deductions against income comprises Schedule A. A taxpayer has a choice of either filling up Schedule A or simply taking a standard deduction between $5,150 and $14,300. The amount is dependent on the filing status and age. The taxpayer or his spouse being blind is also considered.
Schedule B is required if the interest or the dividend received during the tax year is more than $1,500. This schedule enumerates the interest and dividend income. The list of income and expenses related to self-employment and sole proprietorship are listed in Schedule C. Schedule D describes losses incurred or the capital gains of the tax year. It also calculates the tax amount due on top of the special reduced tax rates given to capital gains. The report on expenses and income coming from real property rentals, royalties and others pass-through entities such as S Corporations, partnerships, etc. are listed in Schedule E.
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- 1040 ATTACHMENTS EXPLANATIONS