Answers to frequently asked questions about the new 1040 attachment.
Highlights
- Schedule 1-A is a new IRS form that is currently used for claiming four specific deductions from the OBBBA.
- Taxpayers can use Schedule 1-A whether they itemize or take the standard deduction.
- Common mistakes include misreporting tips and confusing total overtime pay with the premium portion.
To dig deeper, visit the original article on the Thomson Reuters blog.