My wife and I jointly own a LLC. I filed a Partnership return 1065 and generated K-1s for my wife and I. When I filed our 1040 I reported the K-1 incomes which was 50/50 with my wife and I. As I was preparing the 1040 on Turbotax, I saw the suggestion that when a LLC is jointly owned by a married couple filing jointly, it can be advantageous to use Schedule Cs for each of us splitting income and business expenses equally. I did not do that due to time pressures. I have now gone back to see what difference it would make and I would owe almost $600 less to the IRS using the Schedule C method. Having already filed the 1065, can I still amend the 1040 return and use a Schedule C for my wife and I instead of reporting the income from the Schedule K-1s?
