@Critter-3 wrote:
Since we call the business one name, I filed only one Schedule C. Obviously, we both received many W-2Gs. QUESTION: Can I report the winnings from both of our W-2Gs in the one Schedule C?
NO ... if "WE" have "A" business then you have set up a partnership and a partnership return needs to be filed. If you live in a community property state then you could have a Qualified Joint Venture. Seek local professional guidance to get this done correctly. Penalties for failing to file a form 1065 are $205 per partner per month starting last March.
As long as the partnership is not incorporated or registered as an LLC, they do not have to be in a community property state to file as a qualified joint venture.
https://www.irs.gov/businesses/small-businesses-self-employed/election-for-married-couples-unincorpo...
However, if the business were to be registered as an LLC, then they must file a 1065 unless they are in a community property state, in which case they file 2 schedule Cs as a "qualified entity."
https://www.irs.gov/pub/irs-drop/rp-02-69.pdf
And it is definitely true that the 1065 (if needed) is due March 15 of the tax year, not April or later, and the late penalties are substantial.
