A little bit more of this Great Obama Recession then maybe I can get it down to a single 1040
I’m sorry, but you should back away from this tax debate.
Best of luck
Kansas is right - everything flows to 1040.
Doesn’t matter if you have schedule A, B, C, D, whatever. The aggregate of all of that will appear on 1040.
Capital gains IS income, it’s just taxed at different rate.
Formula is:
Income (Broadly conceived, this means everything, EVERYTHING)
minus Exclusions (such as child support)
= Gross income
Gross income MINUS deduction for adjusted gross income
= Adjusted gross income (AGI) (bottom of 1040)
AGI - standard deduction - exemptions = TAXABLE INCOME.
Everything is included on 1040. You have to file additional forms for different type of income, but they all flow to 1040.