Filing 2 schedule C's for married people

Forum|Forum|3 years ago
March 4, 2023
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This is a follow up question to my last post. I was not able to find it to update. Turbo tax says that since we are married, we dont need to file a schedule K partnership return. It says "Since you are married, you can split your income and expenses and report them as separate businesses."

My question is how to do this. Do I need to give the business 2 different names? And if that is the case, how do I do that since its 1 business with 1 name and 1 EIN?

It also says I need to assign ownership percentages, but I did not find any way to do this.

It also seems to say that I just need to change the business description. Is this correct?

MAK70

A qualified joint venture is a joint venture that conducts a trade or business where (1) the only members of the joint venture are a married couple who file a joint return, (2) both spouses materially participate in the trade or business, and (3) both spouses elect not to be treated as a partnership.

You do not give the business different names- in fact you should use the same. You would also want to use your social security numbers and not the EIN so that you can differentiate the information.

You keep one set of books and have to divide the ownership percentages BEFORE you enter the information on each Schedule C. (For simplicity, you could enter the totals in TurboTax on one schedule C, then use that as the base to divide the amounts onto the separate Schedule Cs. The TurboTax Desktop/Download is a great option because you would be able to actually print forms for your records then delete or adjust on the actual tax return.)

See-

Election for Married Couples Unincorporated Businesses