You would create a married filing jointly, (MFJ) tax return and produce two Schedule C's, one for your business and one for your spouse's business. Then Turbotax takes the net income/loss from both businesses and combines the result on your MFJ 1040.
You would create a married filing jointly, (MFJ) tax return and produce two Schedule C's, one for your business and one for your spouse's business. Then Turbotax takes the net income/loss from both businesses and combines the result on line 12 your 2016 MFJ 1040.
First time MFJ -- we used to file separate returns. We thought we would still each enter our own numbers on our separate TurboTax accounts and select MFJ. Boy were we wrong! LOL anyway, now that one return is filed and accepted and the other is rejected we are waiting for the opportunity to amend return #1. I'm surprised that Turbo Tax didn't ask any questions when spouse was added to my return besides his SSN and BD. Not even if he works-- that would have helped-- because now the mess to correct is pretty big lol
Question is-- where on TurboTax does it ask about spouse #2's income or schedule C etc? We are both sole props with our own separate businesses. Thanks!
You'll enter your spouse's income the same way that you enter your income.
When you go to the section for your business you will see your business named there. Below that you'll see a button that says 'add another business'. If you click that you can add your partner's sole-proprietorship. The system will ask which one of you the business belongs to in order to start.
You will do that with all of the items that your spouse has in order to add them to your TurboTax account. All of your items are already in there but you need to add your partner's items. Each time the system will ask which one of you it belongs to and you will indicate your spouse.