UPDATED FOR TAX YEAR 2019
If the LLC is set up as a partnership, you prepare one 1065 return for the partnership. As part of the 1065, TurboTax will prepare a form K-1 - Partner's Share of Income, Credits, Deductions, etc. for each partner. Include the information from the K-1 in your 1040 return.
If you and your spouse own the business jointly, you won't need to file a partnership return if you split your business income and expenses between you and report them as separate businesses.
Here's how you do it:
1. Split all of your business income and expenses according to your ownership percentages.
2. Change the ownership of the Schedule C to you.
3. Enter your income and expenses on this Schedule C.
4. Create a new Schedule C for your spouse (make sure the business description is different from yours).
5. Enter your spouse's share of the income and expenses on the new Schedule C.
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