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Posted

I am looking at information for "completing Form 5500 Schedule C     - I am trying to decide if I need to complete it.

There is Direct compensation paid of $110 to one service provider and $1333 paid to another.  That is all.

Since neither is over $5000 - does Schedule C need to be prepared?    Thanks.

Posted

I believe you do not complete unless there are persons receiving direct or indirect compensation of $5,000 or more.  There are other instances where may have to report if terminated accountant or a formula instead of a dollar amt is provided.  

Posted

Pammie57 - I agree with Madison. If you can confirm that there is no indirect compensation received by your vendors (which may push the total received for each one over $5,000) then you are not required to file.

The above is my opinion only, not anyone else's.

I'm not a lawyer nor do I play one on TV.

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