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January 13, 2021
Question

Husband is self employed partnership and has a schedule C done by accountant. Where do I enter his income for our individual tax in turbo?

  • January 13, 2021
  • 3 replies
  • 0 views
Which program do I need to file just my income and his reported income on the Schedule C?

3 replies

DoninGA
Employee
January 13, 2021

If you choose to use the TurboTax online editions for tax year 2020 you will need the Self-Employed edition to report the income and expenses on Schedule C.

Employee
January 13, 2021

It won't be easy to do what you want.  A schedule C is part of his personal 1040 tax return.  If you file as married filing jointly, you will include the schedule C with your return.  The net income flows to the form 1040 where it is combined with your other income, deductions, dependents and credits.  If someone else prepares only the schedule C for you, you have two possible options.

1. Using Turbotax Self-Employed Online, enter all the business facts again in the business interview.  The program will create a new schedule C from your answers.  You will essentially be duplicating the work of the accountant, but you can print your return before you file, and compare to see that they are the same.  You will also be essentially paying twice for the service.

2. Or, install Turbotax Deluxe on your own computer, from a CD or download, purchased from Turbotax directly or a retailer like Staples or Amazon.  Switch to Forms mode, open schedule C, and copy the figures from the accountant's schedule C onto your form.  Then switch back to interview mode to complete the rest of the return.

 

Be aware that if you enter figures directly on the forms, you may void the accuracy guarantee.  Some items can't be entered directly in the schedule C but will have to be entered on worksheets that flow to schedule C, and this may not be intuitive to find.  

 

Because a schedule C is part of a personal tax return, Turbotax is not really set up to have one part done by an accountant and the other part done by you; they aren;t really separate things.

Employee
January 13, 2021

🛑IMPORTANT ADDITIONAL INFORMATION.🛑

 

You said "self employed partnership".  A partnership is NEVER reported on schedule C, unless the only two partners are spouses.  I hope you misspoke. For any other partnership, the partnership must file a form 1065 partnership return, which is completely separate from your personal return.  Each partner will receive a K-1 statement that they enter on their personal tax return.

 

If your husband's accountant is filing a 1065 for the partnership, they will give your husband a K-1.  You need Turbotax Deluxe to enter the K-1 if you use the program installed on your own computer, or Premier if you are filing online.

 

If your husband has a sole proprietorship, and you misspoke when you said "partnership", then the accountant will prepare a schedule C and you will add it to your personal return by one of the methods mentioned.

 

If your husband really does have a partnership with someone other than you, and the accountant is making a schedule C, you need a new accountant, and urgently.