Is there a place to enter guaranteed payments on a Schedule C?

Forum|Forum|6 years ago
March 9, 2020
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My husband is a Schedule C business owner and paid himself guaranteed payments last year. Is there a place on the Schedule C where I'm supposed to enter in these payments? If so, where?

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KatrinaB48

Were the payments reported on a schedule k-1?

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gladwishslAuthor

No he’s a single member disregarded entity

CatinaT1

There is no such thing as Guaranteed Payments for a Schedule C. You are a sole proprietor and are paying self-employment tax on all your profit. Wages paid to an owner is not an expense, it is profit.

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