Enrolled Agent Exam [Part 1] 21, Schedule 1 - Additional Income

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • How Schedule 1 functions as a critical on-ramp for reporting additional income to the main Form 1040. • The "tax benefit rule" for state and local tax refunds, a frequently tested and tricky concept on the exam. • The correct reporting pathway for business income (Schedule C) and capital gains (Schedule D) through Schedule 1. • Why unemployment compensation is fully taxable and a common point of confusion for exam candidates. • The mnemonic "Itemized, It's In; Standard, Stay out" to instantly determine the taxability of a state tax refund. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep