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sundowncc
Level 1

I need to amend my return to show my husband and MYSELF as self employed, owning/working for our Construction Co. How do I show business ownership as both, not just him?

Help says Turbotax asks "his," "hers," or "both'" regarding business ownership. But 2019 just asks either or, husband or wife.
 Will Turbotax split Schedule C up for me and my spouse based on ownership percentage? Or do I have to retype 2 Schedule C?
6 Replies
VolvoGirl
Level 15

I need to amend my return to show my husband and MYSELF as self employed, owning/working for our Construction Co. How do I show business ownership as both, not just him?

Sorry you have to manually fill out 2 schedule Cs, one for each of you.  Or you should be filing a partnership return and entering a Schedule K-1 for each of you into your personal return.   It might depend if you are in a Community Property State.  Someone else will know more about that.  Or you should go to a local accountant to do it properly.   

VolvoGirl
Level 15

I need to amend my return to show my husband and MYSELF as self employed, owning/working for our Construction Co. How do I show business ownership as both, not just him?

If you are doing a 2019 return then you must be using the Desktop program and not online?  I opened my 2019 Home & Business program and for schedule C I picked Both of Us and got this screen.  Did you click on owned by Both of Us?

 

Bus Married Both.jpg

 

 

 

Bus Married.jpg

VolvoGirl
Level 15

I need to amend my return to show my husband and MYSELF as self employed, owning/working for our Construction Co. How do I show business ownership as both, not just him?

Here’s some prior posts I found,
https://ttlc.intuit.com/community/taxes/discussion/husband-wife-llc-part-of-married-joint-filing/01/...

 

https://ttlc.intuit.com/community/business-taxes/discussion/how-do-i-change-a-sole-proprietor-busine...


To file a Partnership return, you need TT Business. It is only available as a desktop version, and then only for Windows. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
https://turbotax.intuit.com/small-business-taxes

 

IRS info Qualified Joint Venture for married couples
https://www.irs.gov/businesses/small-businesses-self-employed/election-for-married-couples-unincorpo...

 

Mike9241
Level 15

I need to amend my return to show my husband and MYSELF as self employed, owning/working for our Construction Co. How do I show business ownership as both, not just him?

if your company is a C Corporation. it files it's own return. income would be reported by it. in general, you would only need to report on your own return any salaries and dividends received.

if it's an S Corp, then it must file a return (1120S) showing each of you as owners and issuing k-1's to each which gets reported on your 1040 along with any slaries paid

if neither, you have a partnership.  if it is not an LLC, each of your reports their share on a schedule C

if it is an LLC in a community property state, no partnership return is required. everything gets split 50/50. each files their own schedule C 

if it is an LLC in a non-community property state a partnership return is required (1065). it issues a k-1 to each of you.

 

sundowncc
Level 1

I need to amend my return to show my husband and MYSELF as self employed, owning/working for our Construction Co. How do I show business ownership as both, not just him?

Thank you so much for your quick response. You have been most helpful. 

sundowncc
Level 1

I need to amend my return to show my husband and MYSELF as self employed, owning/working for our Construction Co. How do I show business ownership as both, not just him?

Thank you so much for your help. 

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