Corporation income page the subtotal this form flows form

Use the current year menu option to find forms if you are completing the tax return assignment during the Fall semester. If you are completing the tax return assignment during the Spring semester you will need to use the prior year menu option to locate the correct year for the tax forms for the assignment:

• Schedule 1 reports: additional income and “for” AGI deductions.

  • Include any amounts associated with the taxpayer(s) sole proprietorship, as applicable.

• • The four main categories of itemized deductions are: medical, state taxes, interest, and charitable contributions. The interest section of Schedule 1 includes mortgage interest and investment interest expense.

  • The subtotal on this form flows to Form 1040, page 1.

• • Complete the information at the top of the form for the taxpayer who is the sole proprietor. Indicate items such as the address and type of accounting method (generally cash basis).

  • Complete the income and expense sections based on the data provided in the textbook problem.
• • The subtotals on this form flow to Form 1040, page 1.

  • Note: Use the Schedule D for Form 1040 as there are multiple versions of Schedule D forms depending on the entity type.

• • The subtotal on this form flows to Form 1040, page 1.

• Form 8995 (qualified business income deduction).