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Tax Report: Schedule C/E Income Sources (Self-Employment Income and Supplemental Income)

Schedule C is one place self-employment income may show up on a client's tax return, while Schedule E provides insights on supplemental forms of income that flow onto a return. These can take the form of self-employment income, rental income, royalty income, or trust income, among others.

Schedule C

This table on the Tax Report lists the source of and net profit from any self-employment income, which in this case was the $52,900 that Paula earned as a food blogger.


The inclusion of Schedule C income will generate specific observations on the Tax Report, such as a recommendation that a taxpayer should work with a tax professional (due to the higher complexity). Additionally, income here may prompt an advisor to check if their client made any contributions to a retirement plan for this type of income, such as a SEP-IRA or a Solo 401(k). In this case, Paula didn't contribute anything, making this a potential planning opportunity for the coming year.

Schedule E



This table notes the sources for any rental, royalty, partnership or S-corporation income, though it does not include the amount. Peter and Paula have a Schedule E for their rental property on 500 Holistiplan Rental Drive. 

Though not applicable in their case, if the taxpayer is the beneficiary of a trust, Schedule E is where that trust income shows up as reported on a taxpayer's K-1. Similarly, partnership income (from Form 1065) and S-Corporation income (from Form 1120-S) will also be reported on a K-1 and flow through to Schedule E.


As with Schedule B, any unexpected items that show up in this table can be good conversation topics at a future client meeting.