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 :).
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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.
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.
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