DanielV01
Expert Alumni

Business & farm

You have two options to file.  (I’m going to address how you file first, and how to report income second) Normally, when more than one person owns a business, you must file as a partnership (Form 1065, only available with TurboTax Home & Business Desktop version), which then provides each partner a Schedule K-1 that they use on their personal tax return.  You may also choose this option. 

It’s more likely, though, that it would be easier for you to file two Schedules C.  To do this, you split all of your earnings and all of your expenses (you can determine the percentage:  50-50, 60-40, etc.), and each puts their share on their own separate Schedule C.  You would attach a statement to your return (mail it in) that says you are filing as a joint venture (you and your husband are in business together).

You do not need to have received a 1099 to file.  If you are a cash-flow business (payments direct from customers), you keep track of your earnings, and then list your deductions on the Schedule C.   See the following information:  https://ttlc.intuit.com/replies/4545195

 

[Edited 12/4/2020 10:01 a.m. PST]

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