You only need to complete 1 Schedule C on your federal return. TurboTax will automatically transfer all of the Schedule C income to both states and you will adjust the amounts on each state return to properly reflect the amounts attributable to each state.
That is assuming all of the income is for the same business. If you have 2 different businesses, you will create 2 Schedule Cs on your federal return. This is a less common situation. To add a second business (line of work), click the 'Add another line of work' button in the Self-employed income and expenses section of TurboTax, see attached. Keep in mind, if you add a 2nd Schedule C, you may need to allocate the income and expenses of both Schedule Cs on both state returns. You only want to add a 2nd schedule C if they are 2 completely separate businesses with separate records kept.
NM state form is asking for net profit portion subject to NM apportionment. Is this a simple percentage of income by state; I apply that percentage to my self-employment profit total?
Yes, if half of your SE income is attributable to NM, enter 50. Some states ask for a % number and some states ask for a $ amount. Just make sure you are not double taxing yourself at the state level. If you apportion half to NM, apportion only half to the other state.
You only need to complete 1 Schedule C on your federal return. TurboTax will automatically transfer all of the Schedule C income to both states and you will adjust the amounts on each state return to properly reflect the amounts attributable to each state.
That is assuming all of the income is for the same business. If you have 2 different businesses, you will create 2 Schedule Cs on your federal return. This is a less common situation. To add a second business (line of work), click the 'Add another line of work' button in the Self-employed income and expenses section of TurboTax, see attached. Keep in mind, if you add a 2nd Schedule C, you may need to allocate the income and expenses of both Schedule Cs on both state returns. You only want to add a 2nd schedule C if they are 2 completely separate businesses with separate records kept.