Tax Return

Mackenzie works full-time as a director of a corporation. She is also a shareholder in an S corporation, a family restaurant. Mackenzie does not do any work for the restaurant, but does receive a Schedule K-1 for her share of the income. Where would that income be reported on her tax return?

Schedule B, Interest and Ordinary Dividends.

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Schedule C, Profit or Loss from Business.

Schedule D, Capital Gains and Losses.

Schedule E, Supplemental Income and Loss.

 

Clergy

Like all self-employed taxpayers, self-employed clergy can deduct health care coverage amounts paid for medical and dental insurance and long-term care for:

Themselves only, and not for their spouse or dependents.

Themselves, their spouse, their dependents, and any child who, at the end of the year, is under age 27.

Themselves, their spouse, their dependents, and any child who, at the end of the year, is under age 28.

Themselves and spouse only, and not for their dependents.