448652
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.
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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.
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.
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