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Clergy and Schedule C
As clergy, I am entitled to deduct business deductions on my Schedule C; however, since I have a housing allowance, I have to subtract the percentage of expenses that is allocable to tax-free income (i.e. my housing allowance). In the past, I always did this in TT simply by inputting a negative number on the "Misc. Expenses" line of Schedule C. Now, however, TT won't allow me to put in a negative number; I get an error message saying "Other expenses must not add up to a negative number." So how do I perform the "Deason Allocation" (i.e. back out that percentage allocable to my housing allowance)?
‎February 7, 2023
11:31 AM