 Form 91
Income Analysis Form
|
|---|
For entries with the marker (+ / –), type a '–' for entering a negative amount. Example: –12,345.67. |
Click for instructions |
|
|
IRS Form 1040 Federal Individual Income Tax Return |
Yr |
Yr |
|
|
| 1. W-2 Income from Self-Employment (Form W-2, Line 5) |
$
|
$
|
| 2. Form 2106 - Employee Business Expenses |
| Total Expenses |
$
(-) |
$
(-) |
| Depreciation |
$
(+) |
$
(+) |
| 3. Schedule C - Sole Proprietor Profit or Loss |
| Net Profit or Loss |
$
(+/-) |
$
(+/-) |
| Other Income or Loss |
$
(+/-) |
$
(+/-) |
| Depletion |
$
(+) |
$
(+) |
| Depreciation |
$
(+) |
$
(+) |
| Meals and Entertainment Exclusion |
$
(-) |
$
(-) |
| Amortization or Casualty Loss |
$
(+) |
$
(+) |
| Business Use of Home |
$
(+) |
$
(+) |
| 4. Schedule D - Capital Gains and Losses |
$
(+/-) |
$
(+/-) |
| Form 4797 Sales of Business Property |
$
(+/-) |
$
(+/-) |
| 5. Form 6252 Installment Sale Income |
| Principal Payments Received |
$
(+) |
$
(+) |
| 6. Schedule E - Supplemental Income or Loss |
| Gross Rents and Royalties |
$
(+) |
$
(+) |
| Total Expenses Before Depreciation |
$
(-) |
$
(-) |
| Amortization/Casualty Loss/Nonrecurring Expenses |
$
(+) |
$
(+) |
If Using the Rental Properties Full PITI Payment in Qualifying
Ratios - Add Back Insurance, Mortgage Interest and Taxes |
$
(+) |
$
(+) |
| 7. Schedule F - Profit or Loss from Farming |
| Net Farm Profit or Loss |
$
(+/-) |
$
(+/-) |
Non-Taxable Portion of Recurring Cooperative & CCC
Payments |
$
(+) |
$
(+) |
| Other Nonrecurring Income or Loss |
$
(+/-) |
$
(+/-) |
| Depreciation |
$
(+) |
$
(+) |
| Amortization/Casualty Loss/Depletion |
$
(+) |
$
(+) |
| Business Use of Home |
$
(+) |
$
(+) |
| 8. Partnership K-1 (Form 1065) |
| Ordinary Income or Loss |
$
(+/-) |
$
(+/-) |
| Net Rental Real Estate Income or Loss |
$
(+/-) |
$
(+/-) |
| Guaranteed Payments to Partner |
$
(+) |
$
(+) |
| 9. S Corporation K-1 (Form 1120s) |
| Ordinary Income or Loss |
$
(+/-) |
$
(+/-) |
| Net Rental Real Estate Income or Loss |
$
(+/-) |
$
(+/-) |
|
|
| Subtotal of Qualifying Income: |
$
|
$
|
|
| 10. Partnership Income from Form 1065 |
|
|
| Depreciation |
$
(+) |
$
(+) |
| Depletion |
$
(+) |
$
(+) |
| Amortization or Casualty Loss |
$
(+) |
$
(+) |
| Mortgage, Notes, Bonds Payable in Less than One Year |
$
(-) |
$
(-) |
| Other Nonrecurring Income or Loss |
$
(+/-) |
$
(+/-) |
| Meals and Entertainment Exclusion |
$
(-) |
$
(-) |
|
|
| Subtotal for Partnership Income |
$ |
$ |
| Multiply Total by Percentage of Ownership (on K-1) |
(%) |
(%) |
|
|
| Total for Partnership Income |
$ |
$ |
|
| 11. S-Corporation from Form 1120 |
|
|
| Depreciation |
$
(+) |
$
(+) |
| Depletion |
$
(+) |
$
(+) |
| Amortization or Casualty Loss |
$
(+) |
$
(+) |
| Mortgage, Notes, Bonds Payable in Less than One Year |
$
(-) |
$
(-) |
| Other Nonrecurring Income or Loss |
$
(+/-) |
$
(+/-) |
| Meals and Entertainment Exclusion |
$
(-) |
$
(-) |
|
|
| Subtotal for S-Corporation Income |
$ |
$ |
| Multiply Total by Percentage of Ownership (on K-1) |
(%) |
(%) |
|
|
| Total for S-Corporation Income |
$ |
$ |
|
| 12. Corporation Income from Form 1120 |
|
|
| Depreciation |
$
(+) |
$
(+) |
| Depletion |
$
(+) |
$
(+) |
| Amortization or Casualty Loss |
$
(+) |
$
(+) |
| Net Operating Loss |
$
(+) |
$
(+) |
| Taxable Income or Loss |
$
(+/-) |
$
(+/-) |
| Total Tax |
$
(-) |
$
(-) |
| Mortgage, Notes, Bonds Payable in Less than One Year |
$
(-) |
$
(-) |
| Other Nonrecurring Income or Loss |
$
(+/-) |
$
(+/-) |
|
|
| Subtotal for Corporation Income |
$ |
$ |
Multiply Total by Percentage of Ownership (from the Corporate
Resolution or "Compensation of Officers" Section of the 1120) |
(%) |
(%) |
|
|
| Total for Corporation Income |
$ |
$ |
|
|
|
| Grand Total for Qualifying Income |
$ |
$ |
|
Income Calculation
YTD Income* = $
|
minus deductions $
|
(avg. business expenses)
$
|
| + Year 1 Income = |
$ |
| + Year 2 Income = |
$ |
|
|
| |
$ |
| Divided by number of months |
|
$
|
| *YTD income required when calculating commission income |
|
|
|
| |
|
|
|
Volume 1
Bulletin 2009-22 Single-Family Seller/Servicer Guide |
Form 91
04/01/10 |