 Here we are in our example form 1040 using LASERT tax salt where to populate it you don't need tax salt where to follow along but it's a great tool to run scenarios with you can also find the form 1040 related schedules and forms at the IRS website irs.gov irs.gov starting out with the single filer Mr. Anderson no dependence we got the 100,000 w2 income 12,950 on the standard deduction getting us to the taxable income 87,050 if we mirror that in our worksheet over here 100,000 in our formula standard deduction 12,950 87,050 we have then the tax being calculated by the software on page two there's the tax calculation 15,000 withheld gets us to the 226 here and that's mirrored over here 226 now we're going to focus on the other income so back to page one we're on the income line we've been going into the schedule one schedule one and looking at the other income lines remembering that basically the iris says everything needs to be included in income unless we say otherwise so if there's no other form for it then likely you might need to include it in this other income schedule one line number eight as you think about this line note you want to be very careful about the types of incomes be very careful that might be subject to self-employment tax which is another big hit another big burden in which case you might have to report it on like a schedule c or something like that and those which are not subject to self-employment tax which in that case you'd be more likely to have them over here on line number eight we're also going to be mindful of the fact that if we get a 1099 we probably need to put something somewhere that is equivalent or greater than the 1099 because the iris has the 1099 and so we need to keep that in mind so we went through a few of these in a prior presentation let's like an eight r down here we'll just do a couple more if you got a scholarship or fellowship grants i'm not reported on a form w2 so there's questions with regards to scholarships and fellowships in terms of now you've got money and it's kind of like free money so you think it might be included in income because it seems like a type of of inflow but it would also be one of those things you would expect the iris might exempt so you might have if you spend it in the proper way be able to be exempt from it so enter the amount of scholarship and fellowship grants not reported on w2 however if you were a degree candidate include on line eight are only the amounts you used for expenses other than tuition and course related expenses so you might want to make sure that you're spending the money that your grant money or whatever in a way that's going to be maximizing your benefits and remember there might be a difference between the definition of how you can expend your expenses here which might be a little bit more stringent than possibly if you're looking at some of the education credits like a hope or lifetime credit and trying to qualify there so for example amounts used for room board and travel must be reported online eight are okay so you would think that if obviously the tuition would be the the the solid one the solid bet there so if it's on the w2 then you would expect that it would already be included in the w2 and and therefore excluded from box one of that w2 and so you wouldn't you would think you wouldn't have to do anything because your employer was the one that had to do it there if not then you might have to include here and so I could say you know 15 000 let's say and bring that over so now that's where it's going to populate and it'll go down here to the 15 000 and then populate to the form 10 40 as we would expect and there's the 15 000 bringing in the taxable income up to 15 150 so I won't go to the excel sheet because I think these are fairly straight straightforward examples so there's one