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TN Form 1040A or 1040 Schedule R: What You Should Know

Form 1040 for schedule B if your total Adjusted Gross Income (AGI) for the year exceeds an amount of 3,350. (Income under this amount is reported in box 1 of your 1040A form.) If you file Schedule B for the year, and your AGI exceeds 3,350, you can include your Schedule B as a Schedule F item. Schedule B also reports Social Security credits, tax-free and nontaxable retirement accounts, unemployment benefits, pensions, and Supplemental Security Income. You can also include an exclusion of certain dependent credits, for example, childless head of household filing joint returns. If your income exceeds the 3,350 limit, you can't deduct tax under the itemized deduction rules. Use the 1040A Form to figure your earnings. That's the tax form that will determine your taxable income. Schedule B is used to take income that you didn't have to include on your Schedule A. Use Schedule B for tax-exempt or unincorporated businesses. If you have a partnership or S corporation, the Schedule B line item and the Schedule A line item must overlap. If you have a corporation using the 1045A Schedule, and you're not filing a Schedule C, the following table can help you identify the same taxable entity. If you have a Schedule A filed in its entirety, the Schedule B line item must be shown on the Schedule A line item. Schedule B Line Allowed Amount 2.35 percent 0.025 3.00 percent 0.050 8.00 percent 0.250 15.00 percent 0.375 If you have a Schedule C filed in its entirety, the Schedule B line item should be shown on the Schedule E line item. Schedule B line Item Allowed Amount 16.00 percent 0.100 28.50 percent 0.250 39.00 percent 0.

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