Yes, you may elect to be treated as a Qualified Joint Venture (QVJ) by filing a joint tax return that includes separate Schedules C for each spouse. The spouses must share the items of income, gain, loss, deduction, and credit in accordance with each spouse's interest in the business.
Basically, you input two separate businesses in TurboTax, one for each spouse. Be sure you mark which spouse owns each Schedule C business. This allows TurboTax to calculate self-employment taxes properly.
Note that only businesses owned and operated by the spouses as co-owners, that are not in the name of a state law entity (LLC) and without an EIN, may qualify as a QJV.
For more information, see IRS Election for Husband and Wife Unincorporated Businesses
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