Demystifying IRS Form 1040 Schedule 1: Exploring Deductions and Adjustments to Income

📚Educator expenses deductions are available to qualified educators teaching grades K-12, allowing individuals to deduct up to $300 in expenses, and up to $600 if both spouses are qualified educators.

🛫Certain travel expenses, such as those incurred by National Guard Reserve members or government officials, can be deducted if the distance is more than 100 miles from home.

💰Contributions to Health Savings Accounts (HSAs) are fully tax-deductible and can be used to reduce taxable income.

🚚Moving expenses due to a permanent change of station (PCS) in the military can be deducted if properly documented with Finance.

💼Self-employed individuals can deduct self-employment taxes as well as additional business-related expenses, which can help reduce their total tax liability.

Who qualifies as a qualified educator for the educator expense deduction?

—A qualified educator is an individual who teaches grades K-12 and is employed by a school or other educational institution.

Can I deduct travel expenses for National Guard Reserve members if I travel less than 100 miles?

—No, travel expenses for National Guard Reserve members can only be deducted if the distance traveled is more than 100 miles from home.

Are contributions to a Health Savings Account (HSA) tax-deductible?

—Yes, contributions to a Health Savings Account (HSA) are fully tax-deductible and can be used to reduce taxable income.

How do I document my moving expenses for a permanent change of station (PCS) in the military?

—To properly document your moving expenses for a permanent change of station (PCS), you need to have them claimed with Finance during your in-processing briefing at your new duty assignment.

Can self-employed individuals deduct both self-employment taxes and business-related expenses?

—Yes, self-employed individuals can deduct both self-employment taxes and additional business-related expenses, which can help reduce their total tax liability.

00:00In this video, we provide a comprehensive explanation of IRS Form 1040 Schedule 1, focusing on deductions and adjustments to income.

00:40We discuss the educator expenses deduction, which allows qualified educators to deduct up to $300 (or $600 for couples) in expenses related to teaching.

01:15Certain travel expenses, such as those incurred by National Guard Reserve members or government officials, can be deducted if the distance is more than 100 miles from home.

02:00Contributions to Health Savings Accounts (HSAs) are fully tax-deductible and can be used to reduce taxable income.

02:30Moving expenses due to a permanent change of station (PCS) in the military can be deducted if properly documented with Finance.

03:10Self-employed individuals can deduct self-employment taxes as well as additional business-related expenses, which can help reduce their total tax liability.