448652
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Can TurboTax be used to file for our LLC sole proprietorship where my husband and I are "joint tenants by the entirety" (treated as one person/ NOT a partnership)?

Our LLC Operating Agreement states that husband & wife are the only members (also the only Managers) as Joint Tenants by the entirety.  (This means we are treated as one person.)  When I create a Schedule C on Home & Biz, it only allows me to select one name for whom the Schedule C is for; it will not let me select both of us.  When I called a TurboTax Advisor, he suggested we split all assets, income, expenses etc. 50-50 to create two Schedule C's on Home & Business TT.  My lawyer said that didn't sound right, but he also didn't offer the correct method.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
Ashby
New Member

Can TurboTax be used to file for our LLC sole proprietorship where my husband and I are "joint tenants by the entirety" (treated as one person/ NOT a partnership)?

The TurboTax Advisor is correct. When you have a Qualified Joint Venture with your spouse, you do not have to file the partnership return. But, you are supposed to split income and expenses equally in your personal return by creating separate Schedule C's and SE's. I'm sure your lawyer is extremely capable in forming the entity, but he probably is just not aware of how these are accurately reported.

I found this TurboTax blog article that actually explains it pretty well.

https://blog.turbotax.intuit.com/income-and-investments/business-income/what-is-a-qualified-joint-ve...

View solution in original post

8 Replies
Ashby
New Member

Can TurboTax be used to file for our LLC sole proprietorship where my husband and I are "joint tenants by the entirety" (treated as one person/ NOT a partnership)?

The TurboTax Advisor is correct. When you have a Qualified Joint Venture with your spouse, you do not have to file the partnership return. But, you are supposed to split income and expenses equally in your personal return by creating separate Schedule C's and SE's. I'm sure your lawyer is extremely capable in forming the entity, but he probably is just not aware of how these are accurately reported.

I found this TurboTax blog article that actually explains it pretty well.

https://blog.turbotax.intuit.com/income-and-investments/business-income/what-is-a-qualified-joint-ve...

Can TurboTax be used to file for our LLC sole proprietorship where my husband and I are "joint tenants by the entirety" (treated as one person/ NOT a partnership)?

Impossible to split Assets that are being depreciated 50-50!  Income and Expenses should be ok though

Can TurboTax be used to file for our LLC sole proprietorship where my husband and I are "joint tenants by the entirety" (treated as one person/ NOT a partnership)?

Is it that difficult for TT to create the option to select both spouses names for same schedule C?
Ashby
New Member

Can TurboTax be used to file for our LLC sole proprietorship where my husband and I are "joint tenants by the entirety" (treated as one person/ NOT a partnership)?

This is not just TurboTax. I have my own business and have used 2-3 different CPA level professional software packages. I've never used one where you could split the Schedule C. I'm sure it would not be that hard to create, but there's just not a lot of your type of entity out there in comparison to everything else.

Can TurboTax be used to file for our LLC sole proprietorship where my husband and I are "joint tenants by the entirety" (treated as one person/ NOT a partnership)?

Great, then we've found a niche for someone who wants to create a new software to meet the need for all the Joint Entities out there, who aren't being helped by TurboTax or any other software package.  It CAN'T be that difficult to code something in to allow both names for the same schedule C
Ashby
New Member

Can TurboTax be used to file for our LLC sole proprietorship where my husband and I are "joint tenants by the entirety" (treated as one person/ NOT a partnership)?

I don't disagree with you 🙂

Can TurboTax be used to file for our LLC sole proprietorship where my husband and I are "joint tenants by the entirety" (treated as one person/ NOT a partnership)?

You still would need 2 schedule C.  Schedule C is for one individual not two.  You need a schedule C for each ssn.  But it would be nice if a program could split a schedule C in half and fill out 2.

Can TurboTax be used to file for our LLC sole proprietorship where my husband and I are "joint tenants by the entirety" (treated as one person/ NOT a partnership)?

in same boat-so have split in two sched c's now how do I get Turbo tx home and business to pull both in on a joint filing?

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question