Income from a Farming or Fishing Partnership
Check the box if the income or loss entered within this section is from a farming or fishing partnership.
Income or Loss Subject to Self-Employment Tax:
These amounts will be used to calculate Earned Income and will be added to the Form 1040 Schedule SE.
Important:
- Make sure you enter the amount within the correct field/box.
- Enter "Self-Employment Loss Amount" as a positive number. The system will automatically calculate as a negative amount.
Self-Employed Health Insurance:
Enter here amounts from the following:
- If you are a partner with net earnings from self-employment reported on Schedule K-1 (Form 1065).
- If you are a shareholder owning more than 2% of the outstanding stock of an S-Corporation and have a Form W-2 from the EIN of this S-Corporation, you can make an entry here.
Enter the Net Profit and any Other Earned Income From this Business:
- Earned income includes net earnings and gains from the sale, transfer, or licensing of property you created.
- However, it does not include capital gain income. If you were a more-than-2% shareholder in the S corporation under which the insurance plan is established, earned income is your Medicare wages (box 5 of Form W-2) from that corporation.
Self-employed Retirement Contributions
- This amount should be shown on the Schedule K-1 (Form 1065).
- Note that the system does not calculate the Deduction Worksheet for Self-Employed in IRS Publication 560 to verify the maximum deductible contribution amounts.