12 – Expense / deduction-related forms (flow into Form 1040 Adjustments, Deductions, Credits)

πŸ“˜ Expense / deduction-related forms (flow into Form 1040 Adjustments, Deductions, Credits):-
diagram
*1098 β†’ Mortgage interest, real estate taxes
*1098-E β†’ Student loan interest
*1098-T β†’ Tuition & education expenses
*Schedule A β†’ Itemized deductions (medical, mortgage, taxes, charity, etc.)
*Schedule C β†’ Business expenses (for self-employed)
*Schedule E β†’ Rental property expenses
*Schedule F β†’ Farm expenses
*Form 2441 β†’ Child & dependent care expenses (credit)
*Form 8863 β†’ Education credits (based on 1098-T)
*Form 8889 β†’ HSA contributions/expenses

πŸ‘‰ Summary:
*Income forms (like W-2, 1099) are provided by payers.

*Expense/deduction forms (like 1098, Schedules, credit forms) are either provided by payees (bank, school, lender) or self-prepared when filing.

Write your comment Here