Reading Tax Documents for Accuracy

Thoroughly discuss how the income and expenses should be budgeted with the participant.

For help with FAMIS entries see: Self-Employment Income; Self-Employment Expenses User Guide

This chart lists the current tax forms, which line(s) the income/expense information can be found and examples of which self-employment businesses might use these documents.

Click on the hyperlinks in the Tax Document column for examples of the tax forms that may be provided. Highlighted sections indicate the most common areas to locate information. Be sure to enter all self-employment income and expenses in the eligibility system. This is not an all-inclusive list. Other expenses may need to be entered per policy.

Tax Document Income Line # Expense Line # Examples of Business Types
IRS Form 1040

11

 N/A
  • Sole Proprietorship
  • Independent Contractor
  • Single Member Limited Liability (LLC)
IRS Form 1040 – Schedule C 7

8-27, Part IV, Part V
  • Sole Proprietorship
  • Independent Contractor
  • Single Member Limited Liability (LLC)
IRS Form 1040 – Schedule F 9 10-32
  • Farming Profit & Loss
IRS Form 1065 8 9-20
  • Partnership
IRS Form 1065 – Schedule D

7 (short term)

15 (long term)

 N/A
  • Partnership
IRS Form 1065 – Schedule K-1

1, 2, 7, 14

 N/A
  • Partnership
IRS Form 1099 – MISC 1, 2, 5, 7 6
  • Contractor
  • Freelancer
IRS Form 1120 11 12-26
  • US Corporation
IRS Form 1120 – Schedule K-1 1, 2, 7, 10 12
  • Partnership for Self-Employment
IRS Form 1120S 6 7-19
  • Must have Form 2553
IRS Form Schedule SE – 13
  • Sole Proprietorship
  • Independent Contractor
  • Single Member Limited Liability (LLC)
IRS Form 1120S – Schedule D 7 (short term)

15 (long term)

 N/A
  • Capital Gains & Loss

05.20.25