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Get your taxes done using TurboTax
As an enrolled agent of 30 years and a teacher of the income tax classes for a big box store for 8 years I can with 100% assuredness that regular Bank interest never goes on the schedule c. A disregarded entity does not pay self-employment tax on passive income. The instructions about adding bond interest on a schedule c as other income is only used if the business is in the business of earning passive income. Why anybody in their right minds would voluntarily report passive income on a self-employed schedule c form is beyond me. That would be like putting oranges in a crateful of apples, it is not right.
‎February 24, 2021
4:07 AM