IRS Tax Schedules
A tax schedule is a form the IRS requires you to prepare in addition to your tax return when you have 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 you compute on these schedules are transferred to your 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 have additional income, such as capital gains, unemploymnet compensation, prize or award money, or gambling winnings. Also, submit this schedule if you have any deductions to claim, such as student loan interest deduction, self-employment tax, or educator expenses.
Schedule 2: Submit this schedule if you owe AMT or need to make an excess advance premium tax credit repayment.
Schedule 3: Submit this schedule if you 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.