Yes, you can file both a Schedule C and also record and include his K-1 from the new LLC. And you will still want to use TurboTax Self Employed for this year. TurboTax will ask all the questions for your changes and here is information to help get you started. Congratulations.
Purchasing a home could allow you to use itemized deductions instead of the standard deduction if you have enough expenses. Be sure to enter all of your expenses and TurboTax will use the best option for you.
- The standard deduction for married filing jointly is $25,900 up $800 for 2022.
- The expenses used most often are mortgage interest, income taxes for state and local, as well as property taxes and personal property tax if that applies to your state. Also contributions. And occasionally some others. Medical expenses must be greater than 7.5% of your adjusted gross income and only the excess can be used.
A baby will provide the child tax credit (CTC) or the additional child tax credit (ACTC) which can be up to $2000 of reduced tax and/or create a higher refund.
If you income is moderate, you may also be entitled to the earned income tax credit (EITC).
The income for maternity leave may be included in your W-2 or you may get a second W-2 if it is paid by a third party insurer.
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