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For the current tax year, Form 1 0 4 0 has three schedules which are very important for properly calculating an income tax return. Which
For the current tax year, Form has three schedules which are very important for properly calculating
an income tax return. Which of the following statements regarding the use of these schedules is false?
Schedule is used to report extra income that cant be put on Form directly, such as business or farm income or loss, unemployment compensation, or prize or award money.
Schedule reports refundable tax credits, such as foreign or education credits.
Schedule is used to report additional taxes, such as the selfemployment tax or the Alternative Minimum Tax, that cant be placed directly on Form SR or NR
None of the above are correct.
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