Please use the following quick reference guide to assist you in completing Freddie Mac Form 91. This form is for
suggested guidance and does not replace Freddie Mac instructions or applicable guidelines.
Note: For entries with the marker (+/) type a ‘-‘ for entering a negative amount. Example: –12,345.67
Calculator and Quick Reference Guide:
Form 91 Income Calculations
1 W-2 Income from self-employment (reported on IRS
Forms 1040 and 1120 or 1120S)
2020 2019 NOTES
W-2 Income, Section 5304.1 (d)
1
+
1
IRS Form 1125-E, Compensation of
Ofﬁcers, as applicable
Subtotal of W-2 Income From Self-employment
\$ \$
2 Schedule B – Interest and Ordinary Dividends 2020 2019 NOTES
Recurring interest income (Chapter 5305) (Line 1)
+
Recurring dividend income (Chapter 5305) (Line 5)
+
Dividend income from self-employment reported on IRS Form
1120
Subtotal of Dividends and Interest
\$ \$
3 Schedule C — Prot or Loss from Business (Sole
Proprietorship) (Chapter 5304)
2020 2019 NOTES
Net prot or loss (Line 31)
+/–
Non-recurring other income or loss, or expenses (Line 6)
+/–
Depletion (Line 12)
+
Depreciation - See three lines below for additional vehicle
depreciation (Line 13)
+
Meals and entertainment exclusion (Line 24b)
Amortization or casualty loss - Only add back Amort/CL
(Review C, Page 2, Part V)
+
Form 8829 or Simpliﬁed Method Worksheet)
+
Business Miles (Page 2, Part IV, Line 44a or Related 4562, Line 30)
x Depreciation Rate (2020-27¢ and 2019-26¢) \$ \$
= Total Mileage Depreciation
+
\$ \$
Subtotal from Schedule C, Business #1
\$ \$
Page 1 of 6
Borrower(s) Name(s)
Loan Number
I. Income Calculations from IRS Form 1040
IRS Form 1040 Federal Individual Income Tax Return
This calculator can be found at https://new.mi.genworth.com/self-employed-borrower-calculators.
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Page 2 of 6
4 Schedule C — Prot or Loss from Business (Sole
Proprietorship) (Chapter 5304)
2020 2019 NOTES
Net prot or loss (Line 31)
+/–
Non-recurring other income or loss, or expenses (Line 6)
+/–
Depletion (Line 12)
+
Depreciation - See three lines below for additional vehicle
depreciation (Line 13)
+
Meals and entertainment exclusion (Line 24b)
Amortization or casualty loss - Only add back Amort/CL
(Review C, Page 2, Part V)
+
Form 8829 or the Simpliﬁed Method Worksheet)
+
Business Miles (Page 2, Part IV, Line 44a or Related 4562, Line 30)
x Depreciation Rate (2020-27¢ and 2019-26¢) \$ \$
= Total Mileage Depreciation
+
\$ \$
Subtotal from Schedule C, Business #2
\$ \$
5 Schedule D — Capital Gains and Losses (Chapter 5305) 2020 2019 NOTES
Recurring capital gains and/or losses
+/–
Subtotal from Schedule D, Capital Gains and Losses
\$ \$
6 Schedule E
1
— Supplemental Income or Loss (Royalties)
(Chapter 5305)
2020 2019 NOTES
+
1
Refer to Form 92 for net rental
income calculations using IRS
Schedule E
Total expenses (Line 20)
Depletion (Line 18)
+
Subtotal Schedule E, from Royalties
\$ \$
7 Schedule F — Prot or Loss from Farming (Chapter
5304)
2020 2019 NOTES
Net Farm Prot of Loss (Line 34)
+/–
Non–taxable portion of recurring cooperative & CCC payments
(Lines 3, 4, 6a-b)
+
Non-recurring other income or loss (Lines 5c and 8)
+/–
Depreciation (Line 14)
+
Amortization/Casualty loss/Depletion only if listed (Line 32)
+
Business use of home only if listed (Line 32)
+
Subtotal from Schedule F, Farming
\$ \$
Combined Total from IRS Form 1040
\$ \$
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0.26
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Page 3 of 6
Partnership — Schedule K-1 (IRS Form 1065) 2020 2019 NOTES
Ordinary business income or loss (Line 1)
+/–
Net rental real estate income or loss (Lines 2 and 3) if veriﬁed
recurring
+/–
Guaranteed payments (Line 4c)
+
Subtotal from Schedule K-1 (IRS Form 1065)
\$ \$
Partnership Income from IRS Form 1065 2020 2019 NOTES
Depreciation (IRS Form 1065) (Line 16c)
+
“Other” line items, such as
Amortization or a non-recurring
Casualty Loss.
**Seller must analyze the terms
of the mortgage and notes
payable in less than one year and
determine whether the income
should be reduced by the debt
when performing the income
analysis.
Depreciation (IRS Form 8825) (Guide Section 5304.1(d))
(Line 14) if applicable
+
Depletion (Line 17)
+
Amortization or casualty loss (Review attachment related to
Line 20)*
+
Mortgage, notes, bonds payable in less than one year (Section
5304.1(d)) (Schedule L, Line 16d)**
Other non-recurring income or loss (Lines 4, 5, 6 and 7)
+/–
Travel and entertainment exclusion (Schedule M–1, Line 4b)
Subtotal Prior to Application of Ownership Interest
Percentage
\$ \$
Multiply by total percentage of ownership (on Schedule K -1) X
Subtotal from IRS Form 1065
\$ \$
Combined Total from Partnership
\$ \$
II. Income Calculations from IRS Schedule K-1 and IRS form 1065
8. Partnership Income (Refer to Chapter 5304)
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Page 4 of 6
S Corporation Schedule K-1 (IRS Form 1120S) 2020 2019 NOTES
Ordinary business income or loss (Line 1)
+/–
Net rental real estate income or loss (Lines 2 and 3) if veriﬁed
recurring
+/–
Subtotal from Schedule K-1 (IRS Form 1120S)
\$ \$
S Corporation Income from IRS Form 1120S 2020 2019 NOTES
Depreciation (IRS Form 1120S) (Line 14)
+
“Other” line items, such as
Amortization or a non-recurring
Casualty Loss.
**Seller must analyze the terms
of the mortgage and notes
payable in less than one year and
determine whether the income
should be reduced by the debt
when performing the income
analysis.
Depreciation (IRS Form 8825) (Guide Section 5304.1(d))
(Line 14) if applicable
+
Depletion (Line 15)
+
Amortization or casualty loss (Review attachment related to
Line 19)*
+
Mortgage, notes, bonds payable in less than one year (Section
5304.1(d)) (Schedule L, Line 17d)**
Other non-recurring income or loss (Lines 4 and 5)
+/–
Travel and entertainment exclusion (Schedule M–1, Line 3b)
Subtotal Prior to Application of Ownership Interest
Percentage
\$ \$
Multiply by total percentage of ownership (on Schedule K -1) X
Subtotal from IRS Form 1120S
\$ \$
Combined Total from S Corporation
\$ \$
III. Income Calculations from IRS Schedule K-1 and IRS Form 1120S
9. S Corporation Income (Refer to Chapter 5304)
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Page 5 of 6
Corporation Income from IRS Form 1120 2020 2019 NOTES
Depreciation (Line 20)
+
“Other” line items, such as
Amortization or a non-recurring
Casualty Loss.
**Seller must analyze the terms
of the mortgage and notes
payable in less than one year and
determine whether the income
should be reduced by the debt
when performing the income
analysis.
Depletion (Line 21)
+
Amortization or casualty loss (Review attachment related to
Line 26)*
+
Net operating loss (Line 29c)
+
Taxable income or loss (Line 30)
+/–
Total tax (Line 31)
Mortgage, notes, bonds payable in less than one year (Section
5304.1(d)) (Schedule L, Line 17d)**
Other non-recurring income or loss (Lines 8, 9 and 10)
+/–
Travel and entertainment exclusion (Schedule M–1, Line 5c)
Subtotal Prior to Application of Ownership Interest
Percentage
\$ \$
Multiply by total percentage of ownership X
Subtotal from IRS Form 1120
\$ \$
Total from Corporation
\$ \$
IV. Income Calculations from IRS Form 1120
10. Corporation Income (Refer to Chapter 5304)
IRS Form 1040 (Chapters 5304 and 5305) 2020 2019 NOTES
Subtotal of W-2 income from self-employment
\$ \$
Subtotal from Schedule B–Interest and Ordinary Dividends \$ \$
Subtotal from Schedule CProﬁt or Loss from Business (Sole
Proprietorship)
\$ \$
Subtotal from Schedule CProﬁt or Loss from Business (Sole
Proprietorship)
\$ \$
Subtotal from Schedule DCapital Gains and Losses \$ \$
Subtotal from Schedule E–Supplemental Income or Loss (Royalties) \$ \$
Subtotal from Schedule FProﬁt or Loss from Farming \$ \$
Combined Total from IRS Form 1040
\$ \$
Partnership Income (Chapter 5304) 2020 2019 NOTES
Subtotal from Schedule K -1 (IRS Form 1065) \$ \$
Subtotal from IRS Form 1065 \$ \$
Combined Total from Partnership
\$ \$
V. SUMMARY OF INCOME FROM SELF-EMPLOYMENT
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Page 6 of 6
1
Manual input: The Seller must determine the appropriate a mount of income to use based on the requirements and guidance for the analysis and treatment of income for
self-employed Borrowers as described in Chapters 5304 and 5305
2
The Seller must determine that the total stable monthly income meets the requirements and guidance for the determination of stable monthly income in Topic 5300. This
includes, but is not limited to, business review and analysis requirements (Section 5304.1(d)) to support that the business has sufﬁcient liquidity and is ﬁnancially capable of
producing stable monthly income for the borrower.
S Corporation Income (Chapter 5304) 2020 2019 NOTES
Subtotal from Schedule K -1 (IRS Form 1120S ) \$ \$
Subtotal from IRS Form 1120S \$ \$
Combined Total from S Corporation
\$ \$
Corporate Income from IRS Form 1120 (Chapter 5304) 2020 2019 NOTES
Subtotal from IRS Form 1120 \$ \$
Total from Corporation
\$ \$
Seller’s Calculation of Stable Monthly Income 2020 2019 NOTES
Sum of combined subtotals \$ \$
Total income for both years
\$
Divided by number of months
1
Total Stable Monthly Income
2
\$
Click button to calculate result
Manually Input Data Below if Using a Different Total Income to Determine Stable
Monthly Income
NOTES
Total Income Used to Determine Stable Monthly Income
1
\$
Divided by number of months
1
Total Alternate Calculation
2
\$
Click button to calculate result
Genworth Mortgage Insurance underwriters include: Genworth Mortgage Insurance
Corporation and Genworth Mortgage Insurance Corporation of North Carolina
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