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The income desk Where files stall Bank statements Tax returns Flags The worksheet
The income desk

Qualifying income, calculated and cited.

Upload statements, returns or a P&L. Get a worksheet where every figure traces back to a page and a line — in minutes, not an afternoon.

Bank statements Tax returns 1120S & 1065 K-1
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F Bank statement analysis Running
24 months · 1 business, 1 personal · 612 deposits 24 / 24
ACH DEPOSIT · CORE SUPPLY LLC Eligible
$12,480.00
MOBILE DEPOSIT · CHK 2214 Eligible
$6,210.00
TRANSFER FROM ••4471 Transfer · excluded both sides
$9,000.00
WIRE IN · ESCROW REFUND Large deposit · held for sourcing
$41,500.00
NSF FEE · ITEM RETURNED NSF 2 of 3 · program cap 4
−$35.00
Eligible deposits, 24 mo $612,840 × Expense factor 50% ÷ 24 months
Qualifying income $12,767 / mo 24-month business · 50% factor · 100% ownership
Worksheet · 41 citations
Sample file. Figures illustrative.
A father and his daughter washing up at the kitchen sink
01 Where files stall

The income isn’t read. It’s constructed.

A W-2 borrower has an income. A self-employed borrower has twenty-four months of deposits, two returns, a K-1 and a set of investor rules that decide which of it counts. Every file gets built by hand, and no two analysts build it the same way.

Two analysts, two numbers The same statements produce different qualifying income depending on who worked the file, and which exclusions they remembered.
An afternoon per file Two accounts, twenty-four statements, six hundred deposits, keyed into a spreadsheet before anyone can answer a broker.
No trail behind the figure When an investor questions the income, the work has to be reconstructed from the file rather than read off a worksheet.

Income is the slowest step in a non-QM file, and the one the file turns on.

02 Bank statements

Twenty-four months, deposit by deposit.

Every deposit is classified, not sampled. Transfers between the borrower’s own accounts are matched and excluded on both sides, so business-to-personal movement is never counted twice. Then the expense factor your investor requires is applied — fixed, CPA letter, or a third-party P&L.

Periods
12 or 24 months, in any combination of business, personal and joint accounts
Expense factor
Fixed percentage, CPA or tax preparer letter, or a third-party prepared P&L
Ownership
Income adjusted to the borrower’s percentage, evidenced from the operating agreement or K-1
Exclusions
Inter-account transfers, loan proceeds, refunds, sale proceeds and one-time deposits, each listed with its reason
Tests
Month-over-month trend, deposit concentration by payer, NSF and negative-balance days
Output
Monthly average, per-month detail, the full deposit ledger, and a 12 against 24 month comparison
03 Tax returns

Returns, with the add-backs shown.

Net profit is where the calculation starts, not where it ends. Depreciation, amortization, depletion and business use of home come back in; non-recurring income comes out. Then the periods are averaged the way the program requires — two years, one year, or most recent year weighted.

Form 1040 · Schedule C 2025
Line 31 Net profit 84,120
Line 13 Depreciation 18,400
Line 30 Business use of home 3,240
Line 6 Other income, non-recurring 4,900
2024 Prior year, adjusted 92,340
Sample return. Figures illustrative.
Cash flow analysis Two-year average
Net profit 84,120
+ Depreciation 18,400
+ Business use of home 3,240
− Non-recurring income (4,900)
2025 adjusted 100,860
2024 adjusted 92,340
Two-year average ÷ 12 96,600
Qualifying income $8,050 / mo
Cited to 6 lines
04 Business returns

1120S, 1065, and the K-1 behind them.

Where the borrower’s income depends on an entity, the entity gets read too — ordinary business income, the borrower’s share, and whether the business can support what’s being taken out of it.

Form 1120S S-corporation income Ordinary business income, entity-level add-backs, W-2 wages paid to the borrower, and distributions read against income rather than on top of it.
Form 1065 Partnership income Guaranteed payments separated from the distributive share, with depreciation, amortization and depletion added back at the entity.
Schedule K-1 Ownership and share Ownership percentage taken from the K-1 and applied consistently, with a note where the K-1 and the operating agreement disagree.

Where the entity supports the income, the worksheet says so. Where it doesn’t, it says that too.

05 Flags

Three things change the number.

Each one is surfaced with the transaction behind it, so the file can be cured before it goes to an investor rather than after.

Flag 01 Sourcing
Large and irregular deposits
WIRE IN · 22 Apr $41,500.00
Anything outside the borrower’s own pattern is pulled out and listed for sourcing, not quietly averaged in.
Flag 02 Program cap
NSF and overdrafts
3 items · 2 accounts cap 4
Counted per month and per account alongside negative-balance days, because most programs cap them and most files miss them.
Flag 03 Excluded
Inter-account transfers
14 matched pairs $126,000
Matched across accounts by date and amount, then excluded on both sides, so the same dollar is never counted twice.

A flag found before submission is a condition. Found after, it’s a repurchase conversation.

06 The worksheet

Every figure traced to a page and a line.

The output is a worksheet, not a number. An underwriter can check it without re-reading the file, and an AE can send it to an investor as it stands.

Income worksheet · 24-month business bank statement Sample file 4471
Line
Amount
Source
Gross deposits, 24 months
$797,740
Stmts 1–24, all pages
Less inter-account transfers (14)
($126,000)
Stmt 3 p.2, Stmt 7 p.1, +12
Less large deposits, pending sourcing (2)
($58,900)
Stmt 9 p.3, Stmt 18 p.2
Eligible deposits
$612,840
Ledger, 598 lines
Expense factor, 50%
($306,420)
Program matrix §4.2
Net income, 24 months
$306,420
Calculated
Monthly qualifying income $12,767
3 conditions raised 41 citations Sample file, figures illustrative
07 How it works

Three steps, no new system.

01 Upload the file Statements, returns, K-1s or a P&L, in whatever shape they arrived — scans and portal exports included.
02 Pick the method Program, period and expense factor. Run the alternatives side by side when the borrower qualifies more than one way.
03 Take the worksheet Income, flags, conditions and the deposit ledger, cited line by line and ready to travel with the file.

Brokers, AEs and underwriters read the same worksheet, so the number stops changing between them.

A weatherboard house and pool in the afternoon
08 Book a call

Send us five files you’ve already calculated.

We’ll return our worksheets beside yours — where we match, where we differ, and which line explains the difference.

No integration, no commitment, about a week.

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