FAFSA: What is a Schedule 1?
The U.S. Department of Education has made the FAFSA more user-friendly than ever. Sure, it can still be an overwhelming form for those attempting it for the first time. However, the FAFSA can now be completed using a tax return that’s already been filed, and the IRS Data Retrieval Tool allows families to link directly to their tax return to save time.
Still, there are a few sections of that FAFSA that remain which can’t be pulled directly from the IRS. One example is the Schedule 1.
What is a Schedule 1?
While completing your federal income taxes, families will need to file a Schedule 1 if they are reporting earnings other than those listed on their 1040. This is in addition to the 1040, which also lists forms of income, including salary, wages, and tips, and more. You can check out this blank Schedule 1 form to get a sense of the types of income that it covers.
Where can I find my Schedule 1?
The Schedule 1 is usually located immediately after the 1040 and prior to any other schedules the family filed for the given tax year.
The FAFSA and Schedule 1
The FAFSA currently asks whether or not a family has completed a Schedule 1. Parents can select three options:
- Don’t know
StudentAid.gov provides a guide on how to answer these questions.
If you are truly not sure and select ‘Don’t know,’ the school that you are applying to may reach out to help clarify the answer. The school will likely either have your tax return through the Data Retrieval process or when you submit the return electronically to the school through a portal like the IDOC. Either way, they may simply use your tax return to make any corrections necessary to the questions involving your Schedule 1.