Model income like Schedule C (Self-Employed Business), Schedule E (Rental Income, Royalty Income, etc.),Schedule F (Farm Income) and Other Income.
Schedule 1 is where several types of income are reported, and when totaled, are ultimately reported back to line 8 of Form 1040. Within Holistiplan, you can model that Schedule 1 income in the "Schedule 1 Income" section which is found near the top of Scenario Analysis in broader "1040 Income" section.
Reporting taxable refunds, taxable alimony, other gains or losses from Form 4797, and unemployment compensation can be entered directly in the section where seen above.
Schedule C, E, or F income, along with the various "Other Income" types from (line 8) a-z can be entered by accessing that specific line item's worksheet. To do so, click on the pencil icon for the line item you are looking to enter. Below are article which provide guidance on how to enter each of those income items on their respective worksheets.
Lastly if you have some "Other Income" that appears on Schedule 1, we have a worksheet for that as well. Below is a screen shot of all the various types of "Other Income" you might see on Schedule 1, and the "Other Income" Worksheet where those types of income are entered.
Note: Click on the (?) icons for the "Allowable Net Operating Loss" and "Nontaxable Medicaid Waiver Payments" fields for important information on those specific types of "Other Income" and how to accurately enter each within Scenario Analysis.
If you have any questions along the way as you model any of these Schedule 1 Income scenarios out within Holistiplan, please Contact our Support Team for further assistance!