Schedule C Part V, Other Expenses Itemized List

sysop
sysop Member ✭✭
On the Form 1040 (2021), Schedule C, Part II, Expenses, line item 27a, you enter a total of "Other Expenses". On Part V of Schedule C, you enter an itemized list of the "Other Expenses" total entered on line 27a.

My question is: How do you create the Quicken (Home and Business) categories for this itemized list? I am thinking:

Tax related category (checked)
Standard line item list
Tax line item for this category: Schedule C: Other business expenses.

But then, I'm also thinking if I want 27a itemized in Part V, then I should enter:

Tax related category (checked)
Extended line item list
Schedule C: Other business expenses
Tax line item description: Item as it should be listed in Part V.

Anyone know the answer to this, or if it can be done at all?

Best Answer

  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    Answer ✓
    Well you can do a report for just the categories you want.  Or just use one category for line 27a Other.  I manually enter my schedule C entries into my tax return.  So I enter the total for each category.  I don't need the total for line 48.  I enter the total for each category under Other Expenses.  I let Turbo Tax add up the total.   Like in my tax return I enter:
    Map Fees  $$$
    Printing & Copies $$$
    Small Tools  $$$

Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    edited May 2022
    The category can be any name that's meaningful to you.  RE: tax line, I'd go with the line in the Extended list.
    How to create a new category can be found in Q Help.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭

    You should set up business categories. Make sure to assign them to a schedule C line item number so they show up as business categories. I don't know what categories you would need but my husband is a Land Surveyor.  Here's how I set mine up (I also put the Schedule C line number in as part of the name)...
    Survey Income
    Survey Expenses
     ……..11 Labor
     ……..18 Office Expense
     ……..20 Equip Rent
     ……..22 Supplies
     ……..24a Travel
     ……..27 Other - Printing
     ……..27 Other - Small Tools

    I made the expenses sub-categories of the main Survey Expense category.

    Also I use Tags  for each job.  Then when I run a report I can sort it by job.  So an expense entry might look like this…
    Survey Expenses:22 Supplies/Maple Street

  • sysop
    sysop Member ✭✭
    Yes, thank you. But what I am looking for specifically is the total for line 48 (Part V) of Schedule C. In this Part V, you list the individual items (or sub-categories) of the total in line item 27a "Other expenses". I was just curious if Quicken can create that list.
  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    Answer ✓
    Well you can do a report for just the categories you want.  Or just use one category for line 27a Other.  I manually enter my schedule C entries into my tax return.  So I enter the total for each category.  I don't need the total for line 48.  I enter the total for each category under Other Expenses.  I let Turbo Tax add up the total.   Like in my tax return I enter:
    Map Fees  $$$
    Printing & Copies $$$
    Small Tools  $$$

  • sysop
    sysop Member ✭✭
    Yes. Right now I have several categories that point to Schedule C: Other. So, that will give me the line item total for 27a, and I still have the line items for Part V. Thanks!
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