1040 Schedule 1 Not sure if I need it ?

Home Fairmark Forum Taxation of Investments 1040 Schedule 1 Not sure if I need it ?

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  • #7351
    thales
    Participant

    I’m a little confused re Schedule 1. I see that I filed for both Schedule D and Schedule 1 for year 2018. But for 2019 I only have Schedule D, no Schedule 1 (I’m about to mail my tax return soon). I don’t remember what made me file Schedule 1, and not sure why I wasn’t prompted to file Schedule 1 this time for 2019. My case is very simple: only regular salary and investment capital gains and dividends (brokerage stocks/ETFs/mutual funds). Nothing else.

    Do I need Schedule 1 in addition to Schedule D for 2019?

    Was it unnecessary for me to file Schedule 1 for 2018?

    Does it make any different as far as the final result is concerned?

    #7352
    kaneohe
    Participant

    If you examine the 1040 and Sch 1 for 2018 vs 2019, you will see the difference. 2018 saw the debut of the infamous postcard 1040 which did not contain capital gains so Sch 1 had to be added to pick up that info.
    2019 saw some some regression to the older 1040 form so now capital gains shows up on the main 1040 as it used to making Sch 1 not useful for that purpose.

    sounds like you got it right.

    #7353
    thales
    Participant

    Thank you so much! What a relief! (I usually fill out an additional form only when prompted by the form 1040 at some step, but I also always compare to the previous year’s filing to see if I missed anything)

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