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Schedule 1 ("Above the Line") Deductions

Use this section to enter deductions that will be found on Schedule 1, such as a deduction for a contribution to a Traditional IRA or Health Savings Account.

TIP: Be sure to adjust any amounts generated by copying a tax return, as the same deductions may not occur every year. 


Schedule 1 Deductions

After expanding the Schedule 1 Deductions (Above the Line) section, you can enter deductions that you would find on Schedule 1. This includes deductions for self-employed health insurance and contributions to SEP IRAs/Solo 401(k)s/Simple IRAs (“Self-Employed Plans”) for Schedule C Businesses.

The software will automatically calculate the deductible portion of the self-employment tax based on self-employment income entered in the scenario.

We have additional knowledge base articles that cover specific Schedule 1 Deductions in greater detail at the links below.