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Retirement tax questions
@aartrace wrote:
Do i need to split the amount of the 1099 so we each get the appropriate percentage of it?
Yes, you can split the 1099 between the two of you in which case you will each file your own Schedule C and your status will be termed a "qualified joint venture".
Please note that by following the above procedure, one of you cannot continue to use the EIN for the business (if you happen to have one); you each use your individual SSN.
I strongly suggest that you read through the following IRS topic:
‎February 11, 2020
11:24 AM