Business/Farm Supplement

mathmomvt
Tue, 08 Feb 2011 15:11:20 +0000

My husband is self-employed. He files two schedule C’s for 2 separate endeavors. One of them is for a new LLC with no income yet (just started up in November, so he had legal fees to create the LLC but has not had any money coming in yet). The other is not an LLC at all, and he gets 1099-miscs for much of his income, and also gets some income from online sales of physical and electronic books. (Inventory of physical books is under $1K)

When we filled out CSS Profile, we filled in his business information as two businesses in the Business Assets (BA) section.

Now I’m seeing references to the Business/Farm supplement on here and am getting a bit worried. Is that an IDOC thing or a CSS Profile thing? Is it up to the schools whether we need to file it? I double-checked with my son’s two IDOC schools and one says you have to file it if you didn’t put your information into the business assets section of the Profile, but since we did I think we’re ok there. The other IDOC school doesn’t mention it. It was not mentioned in our IDOC instructions. So if it’s an IDOC thing I think we’re ok. If it’s a Profile thing I guess I need to check with all my son’s other Profile schools to make sure they didn’t require it.

If it was required and I neglected to file it, I guess I would just send it to the schools that need it, along with any changes we have to make (there may not be any – I think I got the correct final numbers in) when we file our taxes next week.

Can anyone clarify anything about this form?

Thanks!