CSS Profile: What is a 1040 Schedule 1?
The CSS Profile is becoming more and more popular among colleges. More and more schools require the CSS Profile for financial aid consideration. The CSS Profile is much longer than the FAFSA, as colleges dig deeper into a family’s financial picture to determine the amount of institutional financial aid to offer. One section of the CSS Profile is related to a family’s taxes. Within the tax section, different 1040 tax schedules are considered. We’ll learn more about the 1040 Schedule 1 and how it applies to the CSS Profile.
CSS Profile & 1040 Schedule 1
Let’s take a look at what Schedule 1 is and how it applies to the CSS Profile.
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What is a 1040 Schedule 1?
Generally, Schedule 1 will be found soon after the 1040 in your income tax return.
A 1040 Schedule 1, also known as the "Additional Income and Adjustments to Income" form, is an IRS tax form that taxpayers may need to file along with their Form 1040 tax return.
This form is used to report additional income sources that may not be included on the main Form 1040, such as rental income, self-employment income, and capital gains. Additionally, Schedule 1 is used to report adjustments to income, which are deductions that reduce your overall taxable income, such as IRA contributions or student loan interest payments.
Some taxpayers may not need to file Schedule 1 if they do not have any additional income sources or adjustments to income to report. However, it's important to check with a tax professional or the IRS website to determine if you need to file this form.
Schedule 1 & Completing the CSS Profile
In the Parent Tax Schedules and Forms section, the CSS Profile asks families which schedules and tax forms they completed. Based on the response to this question, additional questions will be populated. If you select that you did complete Schedule 1, you will be asked additional questions related to the type of income and adjustments reported on your 1040 Schedule 1.
How to Use Schedule 1 to Complete CSS Profile Requirements
The CSS Profile does a good job overall when it comes to making it clear what questions they are asking and where you need to go to find the answers, especially related to your tax return. You can use the guidance provided on the CSS Profile to determine which lines to check in order to complete the corresponding questions on the CSS Profile.
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There is a lot to be gained from our free general financial aid advice, but it’s also a very individual process. If you have remaining financial aid questions, email us to discuss more or book an individual session.