Wine

Uncorking Your Income: Making Adjustments on Schedule 1

In this episode of Wine and Dime, Amy Irvine is back to talk about the wonderful and illustrious 1040! Amy dives into Schedule 1, which is actually an extension of the front side of the 1040. Schedule 1 is all about additional income and adjustments to income.

What you'll learn:

  • Different income items included in Schedule 1

  • Form 4797 and Form 2550

  • Types of income need to be reported on Schedule 1

  • Pudding River Pinot Noir for International Women's Day

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!


I. Additional Income Items

  • Taxable refunds, credits, and offsets to state and local income taxes

  • Alimony payments received (before or after 2019)

  • Business income or loss (covered in more detail in part five)

  • Other gains or losses (reported on Form 4797)

  • Rental income (reported on Schedule E)

  • Farm income or loss (reported on Schedule F)

  • Unemployment compensation

  • Any other income received (e.g. net operating loss, gambling, foreign earned income exclusion)

  • Income from other resources (various forms may be required)

  • Alaska permanent fund dividends

  • Jury duty pay

  • Prizes or awards

II. Adjustments to Income

  • Educator expenses

  • Certain business expenses of reservists, performing artists, and fee-basis government officials.

  • Health savings account (HSA) contributions

  • Moving expenses

  • Deductible part of self-employment tax

  • Self-employed SEP, SIMPLE, and qualified plans

  • Self-employed health insurance deduction

  • Penalty on early withdrawal of savings

  • Alimony paid (before or after 2019)

  • IRA contributions

  • Student loan interest deduction

  • Tuition and fees deduction

Conclusion:

  • Schedule 1 is an important part of the 1040 tax form that covers additional income and adjustments to income.

  • By understanding what needs to be reported and deducted, taxpayers can ensure they are accurately completing their tax return.


Pudding River Winery's Pinot Noir:

  • From the Willamette Valley in Oregon, Pudding River Winery's Pinot Noir is a complex and elegant wine with a deep ruby color and aromas of cherry, raspberry, and vanilla.

  • On the palate, it has a smooth and silky texture with flavors of red fruit, spice, and a hint of earthiness.

  • This wine pairs well with grilled salmon, roasted duck, or mushroom risotto.

  • It has received high ratings from wine critics and is a great choice for those looking to explore the world of Oregon Pinot Noir.


Links discussed in this episode:

  1. The IRS website provides detailed instructions on how to fill out Schedule 1, including a line-by-line breakdown: https://www.irs.gov/forms-pubs/about-schedule-1-form-1040

  2. Pudding River Winery: https://www.puddingriverwinecellars.com/

  3. Oregon Wine Board: https://industry.oregonwine.org/

  4. Willamette Valley: https://willamettewines.com/


This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help. Visit www.rootedpg.com to learn more.


Secure Act 2.0 - New Provisions - Part 2

Welcome to Part 2 of the Wine and Dime episode about the SECURE Act 2.0. In this episode we'll be covering some the new provisions that are effective for 2023. Buckle up, because there is a lot of information in this one!

What you will learn:

  • Roth SEP and Roth Simple IRA's for small businesses

  • Roth IRA employer contributions

  • Moving 529 money to a Roth IRA for beneficiary

  • Hardship Distributions

Thanks for listening and be sure to like, rate, subscribe and share.

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!


Show Note Links

  • Rooted Planning Group BLOG about Secure Act 2.0

  • SECURE Act 2.0

  • Pudding River Wine Cellars Boutique-styled wines from Oregon - Boutique Winery, Vineyard, Tasting Room, Custom Crush We are located in the heart of Oregon’s idyllic east Willamette Valley at the foothills of the Cascade Mountains and about an hour’s drive south from Portland. Once a poultry farm, our property sits along the banks of the Pudding River, a 62-mile tributary in the valley fed from the Cascade Range. We planted our vines in 2004 and yielded our first commercial vintage in 2006. Our dedication to producing world-class wine in the classic Oregon style while using sustainable methods, has been recognized by the Wine Spectator and Wine Enthusiast with a growing accumulation of accolades from wine and food competitions in the region. Recently, our wines scored high marks at the acclaimed San Francisco International Wine Competition.


THIS EPISODE WAS PRESENTED BY

AMY IRVINE

ROOTED PLANNING GROUP

10 EAST MARKET STREET

CORNING NY 14830

WWW.ROOTEDPG.COM

EMAIL: AMY@ROOTEDPG.COM