1040 Schedule 5 2025. Schedule 5 is crucial for taxpayers because it includes payments and credits that will go toward reducing your tax liability. You could fall into a lower bracket for the income you earn in 2025 thanks to the new income tax rates.

You can use the following schedule that combine payg withholding with study and training support loan instead of repeating the calculation separately for each component:. We’ve got you covered — and there’s some good news.