Married couple own 50/50 sole proprietor business filing jointly.
Turbo tax says I need two schedule C's split between us.
Tax preparer in the past listed us both in the schedule c.
Is there any way to do that?
034105
3 Replies
VolvoGirl
Level 15
Apr 12, 2024 4:26:24 PM
Even if he listed both spouses on a single Schedule C only 1 person got credit for it. You really need 2 separate Schedule C and Schedule SEs. He did it wrong.
eachdo
Level 1
Apr 13, 2024 9:30:00 AM
So what happens if our CC Processor issues a 1099-K to one of us. I split that amount artificially between two schedule Cs?
VolvoGirl
Level 15
Apr 13, 2024 9:35:11 AM
Yes. Or you enter the whole amount on the schedule C for that ssn and then enter an expense (probably Contract Labor) for the half that goes to the other schedule C.