I am filing out the College Board CSS. I had only $27 in business income, derived from REIT investment dividends, shown on Form 8995. Using TurboTax, I did not file Schedule 1 showing Business Income. Should I have filed Schedule 1?
If you used TurboTax to complete your tax return, your Schedule 1 would have been automatically created by the program and filed with your tax return, if it was required.
Form 1040 Schedule 1 is used to report certain types of income that aren't listed on the main 1040 form. It's also used to claim some tax deductions.
You stated you had business income of $27 from REIT investment dividends, shown on Form 8995.
Form 8995 reports your Qualified Business Income deduction (QBI).
The QBI deduction will flow to line 10 of Form 1040 or 1040-SR, or line 38 of Form 1040-NR.
You’ll see Form 8995-A and accompanying schedules if:
Based on the information you provided, it doesn't appear that a Schedule 1 would have been necessary to file.
Click here for additional information on Form 8995.
Click here for additional information on Schedule 1.
If you have any questions or additional information to provide, please feel free to come back to TurboTax Community with additional questions or click here for information on TurboTax Support.
If you used TurboTax to complete your tax return, your Schedule 1 would have been automatically created by the program and filed with your tax return, if it was required.
Form 1040 Schedule 1 is used to report certain types of income that aren't listed on the main 1040 form. It's also used to claim some tax deductions.
You stated you had business income of $27 from REIT investment dividends, shown on Form 8995.
Form 8995 reports your Qualified Business Income deduction (QBI).
The QBI deduction will flow to line 10 of Form 1040 or 1040-SR, or line 38 of Form 1040-NR.
You’ll see Form 8995-A and accompanying schedules if:
Based on the information you provided, it doesn't appear that a Schedule 1 would have been necessary to file.
Click here for additional information on Form 8995.
Click here for additional information on Schedule 1.
If you have any questions or additional information to provide, please feel free to come back to TurboTax Community with additional questions or click here for information on TurboTax Support.