1040 schedule 1
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1040 schedule 1

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FAQ

When filing a 1040 Schedule C-EZ form does it matter what my job descriptionis (Part 1, Line A)? How accurate or descriptive should it be?
The job description on the tax return is apparently not very important. A wordor two is sufficient like manager physician route sales clerical servicesor whatever is appropriate is all that is needed on that form. Include enoughthat the IRS can see the relationship to any significant expenses you havelike a lot of mileage. But if you have such significant expenses you would befiling Schedule C. We do not always include the business code and have had noissues with that from the IRS.If you have an EIN for your business you should include that so the IRS knowsthe business return has been filed.
Can I deduct a Schedule K-1 ordinary loss in a 1040?
If this is an Scorp and you have loaned money to the corp then you can usethis debt basis to deduct losses. Your loans give you basis. If yousubsequently are repaid these loans without restoring the basis the paymentswill be a capital gain.Other shareholders’ loans do not give you basis in an scorp and neither doesguaranteeing bank loans or any other loans.If you are going to use debt basis to deduct losses you need to track yourbasis on a shareholder basis worksheet.
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