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Form Instructions 1040 (Schedule C) for Surprise Arizona: What You Should Know

To fill out Schedule C (Form 1040), enter income and deductions. Enter the dollar amounts from a business or profession. See Form 1040 Schedule C (Paid-up capital and investment income; dividend, interest, and rents): Line 30. Enter the information for all income you received from a business or profession. See Exhibit 1: If you have made any investment in an eligible retirement plan, attach an explanatory statement showing the amount you received. Include in box 12 only amounts you had received as a dividend as a participant in the plan. To report dividends received from a trust you own, enter all dividends you received, up to a maximum value of 1,000, minus any losses made to offset the gains. If the trust held more than 1,000 shares of stock, attach a statement summarizing your partnership's share of the partnership's income and expenses as if the partnership had directly owned all the same shares of stock. File this item on the back of the Schedule C. For more information on using Schedule C (Form 1040), go to the Instructions for Schedule C. Schedule C — Income, Expenses & Sales. Schedule C (Form 1040) must be given to a partner if any of his or her tax years is for the year you file to elect the exemption on lines 19 and 25 of Schedule C. A partner can use Schedule C to report income from his or her business or profession. The partner must report income and expenses for the year. See Exemption for Self-Employed: Partners, Shareholders, etc. See How to Get a 1099-MISC for more information. If the partnership was a sole proprietorship or partnership, you and the partner must both sign the Schedule C. Use Schedule C to report income or loss from a business or profession. Example: Let's say your partnership is a limited liability company (LLC) that you maintain as a sole proprietorship. You receive the following income and expenses. You will only need one Schedule C each year: (1) Schedule C for the company's income from a business. (2) Schedule C for the company's general business expenses. (a) (b) You report your partner's income from a business as personal income on Schedule C and write in line 18 the amount you have personally paid him or her to participate in (contribute to, sponsor, or perform services for) this business.

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