DESCRIPTION
This module provides a comprehensive review of Schedule 1 and Schedule 1-A, focusing on the income items reported on Schedule 1 and the additional deductions reported on Schedule 1-A. Through lecture and guided discussion, participants examine the structure, purpose, and reporting mechanics of both schedules. The session incorporates illustrative examples and targeted exercises, including review of Health Savings Account documentation and IRA classifications, to reinforce proper reporting of selected adjustments. Overall, the module strengthens participants’ ability to identify and navigate items commonly reported on Schedule 1 and Schedule 1-A.
LEARNING OBJECTIVES
- Identify taxable income items reported on Form 1040 Schedule 1 Part I.
- Determine the correct reporting of gambling winnings and gambling losses on Schedule 1.
- Identify tax deductions that can be reported on Form 1040 Schedule 1 Part II.
- Analyze HSA Forms 1099-SA and 5498-SA to determine amounts relevant for Schedule 1 reporting.
- Differentiate between Traditional, Roth, SIMPLE, and SEP IRAs based on key tax characteristics.
- Identify the additional deductions listed on Schedule 1-A.
