The TurboTax for Home & Business under my spouse's single member LLC is completed. It asks if there's another business to add. We have a multi-member LLC which we attempted to add on.
TT noted that we as spouses need to file separate 1040s since we have a multi-member LLC , splitting our income and expenses 50/50. Here are some issues regarding splitting income and expenses :
1) We have two vehicles under the multi-member LLC. Is it best to assign and allocate expenses for one vehicle per spouse's 1040?
2) The multi-member LLC received 1099-NEC, 1099-K, 1099-DIV. Do we need to both split these as well?
3) Since we are the only members for the LLC, are we able to file my 1040 for the multi-member LLC and my wife file her 1040 for the single-member LLC?
Best Regards
