I have Turbotax home and business. I am pretty much done, but on review, have some questions.
On Schedule 1 (form 1040) I have additional business income, taxable refunds and a capital gain reported. The total of those three amounts shows on line 22.
Line 22 directions say: Combine the amounts in the columns (done). If you don't have any adjustments to income, enter here and include on form 1040, line 6. Otherwise, go to line 23.
I had adjustments to the income and those are noted on the adjustments to income section. I don't see where that total is reflected anywhere on Form 1040.
I would have expected that line 6 on the 1040 would have been the result of the income less the adjustments. It is just showing the income.
Help :).
The income after adjustments is on line 7 of form 1040. The adjustments on line 36 of Schedule 1 are subtracted from line 6 of form 1040 to arrive at line 7.
Got it. The directions didn't make sense to me and since it showed the amount from the additional payments I expected it to also show the amount of the additional adjustments. Thanks.
The new form 1040 seems really complicated to me. The IRS was required by congress to get everything on 2 half pages and in my opinion it made a mess of the form.