In this episode of Wine and Dime, Amy Irvine is back to talk about the wonderful and illustrious 1040! Amy dives into Schedule 1, which is actually an extension of the front side of the 1040. Schedule 1 is all about additional income and adjustments to income.

What you'll learn:

• Different income items included in Schedule 1
• Form 4797 and Form 2550
• Types of income need to be reported on Schedule 1
• Pudding River Pinot Noir for International Women's Day

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I. Additional Income Items

• Taxable refunds, credits, and offsets to state and local income taxes
• Alimony payments received (before or after 2019)
• Business income or loss (covered in more detail in part five)
• Other gains or losses (reported on Form 4797)
• Rental income (reported on Schedule E)
• Farm income or loss (reported on Schedule F)
• Unemployment compensation
• Any other income received (e.g. net operating loss, gambling, foreign earned income exclusion)
• Income from other resources (various forms may be required)
• Alaska permanent fund dividends
• Jury duty pay
• Prizes or awards

II. Adjustments to Income

• Educator expenses
• Certain business expenses of reservists, performing artists, and fee-basis government officials.
• Health savings account (HSA) contributions
• Moving expenses
• Deductible part of self-employment tax
• Self-employed SEP, SIMPLE, and qualified plans
• Self-employed health insurance deduction
• Penalty on early withdrawal of savings
• Alimony paid (before or after 2019)
• IRA contributions
• Student loan interest deduction
• Tuition and fees deduction

Conclusion:

• Schedule 1 is an important part of the 1040 tax form that covers additional income and adjustments to income.
• By understanding what needs to be reported and deducted, taxpayers can ensure they are accurately completing their tax return.

Pudding River Winery's Pinot Noir:

• From the Willamette Valley in Oregon, Pudding River Winery's Pinot Noir is a complex and elegant wine with a deep ruby color and aromas of cherry, raspberry, and vanilla.
• On the palate, it has a smooth and silky texture with flavors of red fruit, spice, and a hint of earthiness.
• This wine pairs well with grilled salmon, roasted duck, or mushroom risotto.
• It has received high ratings from wine critics and is a great choice for those looking to explore the world of Oregon Pinot Noir.

Links discussed in this episode:

1. The IRS website provides detailed instructions on how to fill out Schedule 1, including a line-by-line breakdown: https://www.irs.gov/forms-pubs/about-schedule-1-form-1040
2. Pudding River Winery: https://www.puddingriverwinecellars.com/
3. Oregon Wine Board: https://industry.oregonwine.org/
4. Willamette Valley: https://willamettewines.com/

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help. Visit www.rootedpg.com to learn more.