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Deductions & credits
Thanks James. The accountant files the corporate return and, hopefully, I have done the right thing by putting that K-1 money on the Schedule E, as you surmised. It is listed in Part II (k) - Nonpassive Income from K-1. The confusing thing for me is that it is the direct result of operating my business and I it is considered as income on Line 7, which is what TT told me to use for the EIC number! Of course, TT also claimed that is the line for "wages, salaries and tips" even though that is line 1. In addition, there is a Line 7a and 7b!
‎April 1, 2021
11:00 AM