The only thing you have to do to make the Qualified Joint Venture election is to divide up all items of income, gain, loss, deduction, and credit between you and your wife (in accordance with each of your respective interest in the joint venture (doesn't have to be 50 - 50). Then each of your file a separage Schedule C and SE. If you are using TurboTax Desktop you can click on the Joint Venture box, and the program will split all of your income, expenses, etc. 50 -50.
Is your business operating under an LLC? If so, you cannot be Qualified Joint Venture. Only businesses that are owned and operated by spouses as co-owners (and not in the name of a state law entity) qualify for the election. You cannot be an LLC or LLP, or LP.
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