DanielV01
Expert Alumni

Business & farm

@bnse  As long as you have made a proper election, it should not be an issue.  You will still need to enter in all of the 1099s as usual.  If TurboTax doesn't allow you to adjust the amount directly on the Income Field (reporting 50% of all income to your husband and the other 50% to yourself), then there is an Adjustment Field in which you can enter 50% of all gross income.  Then you will enter that 50% on your Schedule F.  Keep records documenting how you divided this up just in case the IRS asks for it.

 

Separate bank accounts should not be necessary as long as the two combined Schedule F's divide everything correctly.  What I recommend is create the one complete one first, and write down all of the income and expenses, so you can divide them in two and then create the separate Schedules F.  Again, if you keep records of what you do, there should not be significant issues with the IRS (although they may always ask for proof of what you are claiming).

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