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Jeardg
New Member

How to file jointly and self employed for a new business?

My fiance and I started a business together as of the beginning of last August. Neither of us have filed jointly or self employed before and I'm a bit lost as to how to go about it. I know that we wont be able to file normally due to us not being married, but expenses for the business have come out of both of our pockets. I am not sure how we would deduct expenses without filing jointly. I appreciate any help or tips anyone can give on how we should go about filing.

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1 Reply
Carl
Level 15

How to file jointly and self employed for a new business?

If you and your fiancé were not married on Dec 31 of the tax year, then under no circumstances will either of you file a joint 1040 return. Period.

If you two started a business together, implying that you are both 50/50 owners of the business, then for that you will have to file a physically separate 1065 Partnership Return. For that, you will need TurboTax Businses, which is not available as an online product or for MACs. It's for the Windows operating system only.

You can purchase TurboTax Business at https://turbotax.intuit.com/small-business-taxes/

After you pay for it, you can download the installation file. Then double click the downloaded file to install the program on your computer. Then you will use that program to complete your 1065 Partnership Return.

The partnership will issue each owner/partner a K-1. Each owner will need that K-1 in order to complete their individual personal 1040 tax return. You can't even start your personal return, until you have completed the partnership return and have issued each owner a K-1.

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