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TaxMomNJ, Senior Tax Advisor
Category: Tax
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Experience:  7 years experience with tax preparation company, over 500 hours of tax courses taken
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I am a w-2 loan officer can I file schedule C for my expenses

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I am a w-2 loan officer can I file schedule C for my expenses and office fees?
Submitted: 8 years ago.
Category: Tax
Expert:  TaxMomNJ replied 8 years ago.


If you receive a W-2, you may not file a Schedule C. You may file a Form 2106, Employee Business Expenses, to report the expenses that your employer does not reimburse you for. These expenses are subject to a 2% of your AGI (adjusted gross income) floor. They are added with other deductions (medical, income or sales taxes, mortgage interest, personal property taxes, etc) and must equal more than your standard deduction to be beneficial to you on your taxes.


Your standard deduction is $5,450 for single or married filing separate, $8,000 for head of household, $10,900 for married filing joint.


Please let me know if I can assist you further.

Customer: replied 8 years ago.

Okay, I have to pay the office 20% of my income for office expenses and personnel costs, because I do FHA Loans I have to be paid w-2, all income has to be paid w-2, so how do I write off my office expenses, I am a contracted employee on commission only., its only because of the type of financing I do requires me to be paid w-2, if you do fha loans, fha requires the loan officer be paid w-2, put I am considered self-employed

Expert:  TaxMomNJ replied 8 years ago.

I can see your point as how you are considered self-employed. However, the IRS considers anyone who receives a W-2 an employee, unless they are considered a "statutory employee". If your W-2 indicates you are a statutory employee, you may file a Schedule C and include your expenses there. You may read a bit about statutory employees here:,,id=131138,00.html.


Also, take a look at the Form 2106 I mentioned. You may deduct most of the same expenses on a 2106 as the Schedule C. You may deduct the expenses you pay for "office expenses" on a 2106 as well.


Please let me know if I can assist you further.

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