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The term "net income" does not exist on the personal income tax form 1040.
Line 7b is your total income
Line 8b is your Adjusted Gross Income (AGI)
Line 11b is your Taxable income (after all deductions and adjustments)
For Schedule C, self employment (sole proprietorship), the IRS uses the term Net Profit. On Schedule E (rental income), the IRS uses the term total rental real estate income. But those items are net income, for their respective activities.
The term "net income" does not exist on the personal income tax form 1040.
Line 7b is your total income
Line 8b is your Adjusted Gross Income (AGI)
Line 11b is your Taxable income (after all deductions and adjustments)
For Schedule C, self employment (sole proprietorship), the IRS uses the term Net Profit. On Schedule E (rental income), the IRS uses the term total rental real estate income. But those items are net income, for their respective activities.
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