Thanks Jeffrey!
Note that I don't have two LLCs - we just have the one California LLC (husband & wife, disregarded entity, single member LLC for tax purposes, 50% stake holders)
I think I follow your first option: If I understand your suggestion, I need to do the following:
a) Create two businesses in the Federal portion with names like "LLC(A)" and "LLC(B)" - one for me and another for my wife - and split the profits and expenses for our LLC across these two businesses equally .
The above creates two Schedule C's - one for me and another for my wife.
Question: Do I need to fill in the EIN of the LLC? Note that there is only one EIN - Or should I leave the EIN blank, and simply fill that in when the CA 568 form is generated for one of the LLCs?
I think I should not specify the EIN for either business as it may confuse Turbo Tax? Or should I specify it for one business, but not for the other? It would be great if you can clarify this.
2) When I go thru our California taxes, in the business portion, I indicate that I need to create a CA 568 form for one of these businesses. I can choose either one, and then proceed to update (double) the profits & expenses listed on the form, and also add missing information such as EIN etc, then print the form, and mail it by April 15.
When I efile our federal & California State taxes, Turbo Tax Home & Business will *not* EFILE the CA 568 at all - but it will EFILE all the rest of the forms to FTB.
Let me know if I understood the process here correctly.
Thanks,
mbgsvo
