How to file a Qualified Joint Venture, 2 Schedule Cs is above. A qualified joint venture, for purposes of this provision, includes only businesses that are owned and operated by spouses as co-owners, and not in the name of a state law entity (including a limited partnership or limited liability company). For your Schedule C that you have been filing, add ''taxpayer or your name'' to the name. And name the new Schedule C the same business name with ''spouse or her name'' added. You can name them whatever you want, but the current Schedule C needs to stay tied to your SSN and the new Schedule C needs to have your wife's SSN number, so you both get SS/Medicare credit.
Married co-owners failing to file properly as a partnership may have been reporting on a Schedule C in the name of one spouse, so that only one spouse received credit for social security and Medicare coverage purposes. The election permits certain married co-owners to avoid filing partnership returns, provided that each spouse separately reports a share of all the businesses’ items of income, gain, loss, deduction, and credit. Under the election, both spouses will receive credit for social security and Medicare coverage purposes.
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