The Form 1040 tab for the Add or Reopen SE Income from Tax Return is used to enter the tax information from the Form 1040 tax form.
Different programs may use different entry lines. Enter information on each line that has a corresponding amount on the tax schedule. Budgeting rules will use the information entered to compute the countable income based on the rules for each program.
The Form 1040 tab for the Update SE Income window is used to update the self employment business information. The previously entered tax information is displayed. Update by overlaying the information.
FSP- Capital Gain or loss - Only if Items Sold in Normal Course of Business: If there is a gain - enter the income figure from Line 13 of Form 1040 in the first field. If there is a loss - enter the income figure from Line 13 of Form 1040 in the second field.
Other Income - Only if Amount is Positive: Enter the amount from Line 21 of Form 1040.
FSP 1040 Supplement - Payment on Principal of the Purchase Price: Enter the amount from the "Food Stamp Program tool FSP1040 Supplemental" found in the FSP Best Practices Log and completed by the self employed person . Self employment for tax year 2001 or earlier will not have this figure.
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(07-2005)