My wife and I own an S-Corp (49% and 51%, respectively). We generate a K-1 for each of us (have been doing this for over 10 years). When entering the second K-1, Turbo Tax is asking "Should (our S-Corp) be treated as part of a combined business?". TurboTax provides 2 selections to
This business is part of the following activity:
- (our S-Corp) ... (Part of an aggregated business)
- This business is independent of other activities
I don't recall being asked this question before.
