Will Turbotax split Schedule C up for me and my spouse based on ownership percentage? Or do I have to retype 2 Schedule C?
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.
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?
Here’s some prior posts I found,
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.
IRS info Qualified Joint Venture for married couples
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.