IRS Schedule 1, 2, and 3
If the Financial Aid Office becomes aware of conflicting information, we may request a Schedule 1, Schedule 2, or Schedule 3. Beginning with the FAFSA year 2020-2021, no other schedules are typically required for verification.
Schedule 1: To be verified if there is conflicting information
Schedule 1 is used to report types of income that aren't listed on the 1040, such as capital gains, alimony, unemployment payments, and gambling winnings. Schedule 1 also includes some common adjustments to income, like the student loan interest deduction and deductions for educator expenses.
Schedule 2: Supporting documentation for tax form 1040 if box 11b is checked.
This Schedule is used to report additional taxes owed such as the alternative minimum tax, self-employment tax, or household employment taxes.
Schedule 3: Supporting documentation for tax form 1040 if box 12b is checked.
This Schedule is used to declare your capital gains or losses for items such as real estate, shares and mutual funds in addition to any other capital properties you have disposed of.