What Kind of Schedules Are Applied To The 1040 Form

The many schedules used with the 1040 form are unfamiliar to many people. Knowing which schedules to include on the relevant Schedule is necessary if you intend to submit a Form 1040. In this article, I describe the functions of the various schedules as well as the information that each one carries.

What are the various schedules that are utilized with the 1040 form?

If you are submitting a tax return without dependents, you should utilize the 1040-ES (or 1040-EZ if you are single). When filing as a single person, married couple filing jointly, or married couple filing separately, this Schedule may be utilized.

Those who are self-employed may also submit this form. Schedule C-EZ, , Schedule SE or Schedule C must, however, be filed.

You can select one of ten distinct forms for the 1040-ES. The instructions and due date for each will be provided. Some of the documents may be sent online, but others need to be printed and sent.

To aid you in the process, we will give some insight.

Schedule 1 of Form 1040-ES

The 1040-ES’s first Schedule is this one. Part I and Part II are its two divisions.

April 15, 2018 is the final submission deadline for both components.

Part I

Reporting income and deductions is done in this section. In addition to your earnings, you must disclose any compensation from your employer. The amount of payment, the name of the employer and the purpose of payment must be listed for each form of payment.

This Schedule contains six elements in the deduction portion. The basic deduction, the itemized deductions, the retirement contribution, the interest on student loans, the alimony and child support payments, and the other deductions are among these components.

To determine which of the aforementioned deductions applies to you if you have paid alimony or child support, do the math. So, if you’re a parent that’s single receiving child support, the only deduction you may claim is the line 15 standard deduction. 

The list of permissible sums not subject to the 2% AGI cap is included in the section on deductions.

These are a few examples of the permitted sums:


-Fees for child care

-Cost of attendance

-Health-related costs

-Relocation fees

-Local and state taxes are paid

-Expenses for tuition

-Paying for education

-Renting a home vs owning one


-Contributions and gifts

Part II

The only portion of the 1040-ES you will have if you are filing as a single person is this one. A loss or gain from capital should be reported here.

Fill out Form 8949 if you want to declare losses or gains from capital. Sales of securities and other assets result in reports of capital gains and losses.

The price and how much you made in profit are listed in the 1040-ES’s section for capital gains. Furthermore, you must disclose the tax basis that you utilized to value the sale.

The taxable amount will be included in this Schedule’s section on capital gains. This sum represents all of your taxable capital gains.

How to expedite the tax filing process by using the Schedule

The Schedule can be used in the following ways to speed up tax filing.

Gather your W-2s and 1099s at the start.

Gathering your W-2s and 1099s is the first step. A summary of your profits is provided on the 1099 papers. The paperwork that details your pay from your employment are known as W2s.

Every three months, these papers are often mailed out, so it’s important to keep track of the dates on each one to make sure you complete your paperwork on time. The forms that were mailed to you can either be reviewed in person or printed and kept in a secure location.

Complete the schedule in Step 2

Complete the Schedule next. Although this section is rather simple, you need to fill out every section.

Obtaining a copy of your prior year’s tax return can allow you to apply the normal deductions to determine your costs when you are unsure of what they are. You may ask the IRS to send you a copy of your previous year’s return if you don’t have it by calling them.

How to determine your 1040’s income and tax burden

You may use a basic formula to determine the income and taxes on your 1040. For your convenience, we have provided a short, step-by-step tutorial.

The W-2 income is where we’ll start. You will receive a Form W-2 from your company each year that details all of your earnings.

Your W-2 form must contain information about the income that your employer must disclose on it.

Your W-2 would show $15,000 on it, for instance, if you made $15,000 at work in 2018.

Subtract 12 from your total W-2 income. If your monthly income was $1,250 ($15,000 divided by 12), your annual income would be $15,000.

We’ll now look at your tax rate.

The standard tax rate is 25% for most taxpayers. So, on your 2018 tax return, your tax rate is 25%.

The tax rates for each year may be seen here.

These two numbers can now be combined.

Simply divide the amount on your W-2 by the tax rate. The income for W-2 per month you would have if you made $1,250 would be $12,500.

In order to figure out your income for the month, we next use division your W-2 income by 12. That means that your monthly income, assuming you made $12,500, would be $125.

In what ways does the 1040 schedule impact me and my taxes?

Although I had intended to use TurboTax to do my taxes, I ultimately hired a professional accountant to do it instead.

The 1040 schedule can be completed by the taxpayer themselves, however this is not advised. What you should include in your return is explained in great detail on several pages of the IRS website.

We’ve discussed the 1040 Schedule’s operation; now let’s discuss how it relates to you.

Regardless of the filing method you choose, you need to make tax payments on all income. If you meet specific requirements for exemptions, that is the only option to not pay taxes.

If a person is unmarried and earns less than $11,550 annually, that person is most likely to qualify for an income tax exemption.

Furthermore, you may qualify to have a portion of your income exempted if your spouse and children depend on you for support.

You must utilize the 1040 Schedule if you are married and filing jointly, though. 

Be sure to check if you need any self employed health insurance or a self employed mortgage.  

The 1040-ES form’s instructions

Taxpayers that need to file their taxes utilize the 1040-ES form. Usually called the 1040 form, this document. One of the most difficult forms to complete is the 1040-ES, which is why so many people are unable to do so. Numerous people still need to fill this form, regardless that it’s been around for some time.

This video will walk you through filling out the 1040-ES form if you’re interested in doing so. You won’t need to use a service to fill out this form for you if you know how to do it yourself.

  • The IRS website must first be logged into.
  • The form will then need to be downloaded.
  • Print a duplicate of it once you have downloaded it.
  • You must then finish filling out the form’s fields.
  • Form 2 must be completed if you submit it as a single filer.
  • Your number for social security will also need to be included.
  • Forms 2 and 3 must be completed if filing jointly when married.
  • The social security numbers you have will also need to be included.
  • Also required are the numbers of social security of your dependents.
  • Include your salary and any sources of income as well.
  • Fill out Form 8863 if you’re filing as the head of the household.
  • The tax amount you owe will be calculated using this form.
  • Your social security number will also need to be included.
  • You can submit your taxes yourself now that you understand how to complete the 1040-ES form.


It is possible to prepare tax returns using a variety of schedules. To figure out your tax amount based on your income, there are several alternatives available. To do this, you can use the 1040 schedule, Form 8849, Form 5329, and other forms. Last but not least, the 1040 Schedule can help you figure out whether you have been overclaiming tax or owing back taxes on previous years. You can always use a 1099 tax calculator or the A.I. powered app FlyFin to help with tax filing. Learn how to fill out the 1040-ES tax return form by reading my blog.