My husband and I want to split our sole proprietor income/expenses 50/50 with a qualified joint venture. Can I get TurboTax to automatically create the new Schedule C with half income/expense from husband's Schedule C?
Unfortunately, TurboTax cannot duplicate a Schedule C. You'll need to create a Schedule C for each spouse where you enter half of all income and expenses.
First-time using Turbotax. Few suggestions to improve Turbotax.
1. Add ability to duplicate a form or schedule, super important for schedule C and SE for say a QJV.
2. Global way to define the ownership percentage split like 50/50 or 60/40 for the QJV or Partnership scenarios. Then TT should use that to split up the profit, expenses, capital, etc. When collecting filers information, collect percentage split along with it!
2. Tag or label all schedules for two people filing taxes together. For example, when you add two schedule Cs, if you didn't enter a different "business description", turbotax shows both as same name and there is no simple way to identify which schedule C belongs to which person. Why not just Label the schedules with the person name, you already know their names!
3. Add an overall progress bar or something that indicates how much fun (work!) is left. Filing can be daunting for most folks.
Thanks
Five more suggestions.
1. Please add a way to open tabs where filers can explore read-only version of their previously entered data. Without that, it is too difficult to go back and forth and each cycle takes like 7 clicks. I had to take screenshots to compare and keep my two schedule Cs identical 🙂
2. Less confusion! I think there is plenty of confusion around SMLLC versus MMLLC, QJC and community property states. During the initial information collection, I think the wizard should guide filer(s) with what makes the most sense for their situation (you can collect more information if needed).
2a. E.g. If I am located in Washington state, and have an Husband/Wife LLC (for state that is an MMLLC), but it can be treated as SMLLC (disregarded entity) for Federal tax return.
2b. E.g. Even if your prior taxes were filed as MMLLC Partnership, you can still elect to be a QJV by just filing as SMLLC and avoid the complicated 1065/K-1 route.
2c. But if someone wants to follow 1065-K-1 MMLLC route, then make it clear that they would need i)Home * Business (or Self-Employed) Turbotax software to file Federal and State returns, but first they need to use Business Edition to get their 1065 and K-1 forms.
3. Please harmonize the naming SW conventions across downloadable and online products, it is super confusing..e.g. the Home & Business Vs. Self-Employed edition - which basically offer same functionality.
4. Please amend the Home & Business and Business products to include the exact verbiage that outlines the difference between the two products - i.e. Single member LLC (Home and Business) Vs. multi Member LLC (Business Edition), other differences are obvious.
5. There is plenty of confusion around "State Return" vs. "State e-file", I am not sure why we can't just have State e-File bundled in all packages.
Thanks..!
PLEASE add the ability to DUPLICATE Schedule C's.
This is an unnecessary pain in the butt to have to RE-CREATE for the purpose of Joint Venture status.
BETTER YET: Allow people to create their Schedule C as normal, and then have Turbo Tax automatically split all the amounts.
There is no reason you can't do this.
Don't hold your breath on getting any of these options .... not even professional programs have this option since it is so rarely used. Most will file a Partnership or S-corp return instead.
Tax Slayer Program reportedly creates separate Schedule Cs for QJV.
"
To enter a Qualified Joint Venture in TaxSlayer Pro, from the Main Menu of the Tax Return, (Form 1040) select:
A separate Schedule C and Schedule SE will automatically be created allocating 50% of the income and expenses to each spouse."
https://support.taxslayerpro.com/hc/en-us/articles/[phone number removed]-Quali[product key removed]re-on-a-Schedule-C
I would hate to leave Turbo Tax after 30+ years, but this would do it.