Tax Return Review Series Part 6 - Calculating Income from ...

[Pages:59]Tax Return Review Series Part 6 Calculating Income from 1040, K1 & 1120S (S Corporation)

November 2016

Genworth Mortgage Insurance Corporation

?2016 Genworth Financial, Inc. All rights reserved.

Objective

Understand the meaning of "Self Employed" Learn to use Fannie Mae's Form 1084 to calculate supportable income using tax returns. Complete Fannie Mae's 1084

? W2 from 1120S (Section 1) ? 1120S K1 Review (Section 9) ? 1120S Review (Section 10)

Complete the Solvency Calculator

? Solvency/Liquidity Test

Form 1120 with K1

You'll Need-

Form 1120 with K1

You'll Need Calculators-

Form 1120 with K1

How to Review...

Form 1120 with K1

5

mi.

Form 1120 with K1

6

Fannie Mae' 1084 or Freddie Mac's 91

Form 1120 with K1

7

The Case Study...

The Case Study Alice Firstimer Alice is a 50% shareholder of an 1120S. Her reported taxable Income is a K1 from Smith & Firstimer and some interest income.

Form 1120 with K1

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