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It depends. When you and your wife have separate businesses, each business is reported on its own separate Schedule C, similar to if you were working in different companies and received a separate W-2 for each. This can be done in TurboTax, once you finish entering all of your business income and expenses, by selecting the option "Add another Business". I will provide a screenshot at the end of this answer.
On the Form 1040, however, these amounts from your different Schedules C and Schedules SE are combined onto the correct entry lines on the Form. In addition, if you are filing a joint return, any estimated payments are going to the joint amount. While you report the businesses themselves separately, the income and payment amounts are still combined on the 1040.
Here is the screenshot to input the separate Schedule C:
It depends. When you and your wife have separate businesses, each business is reported on its own separate Schedule C, similar to if you were working in different companies and received a separate W-2 for each. This can be done in TurboTax, once you finish entering all of your business income and expenses, by selecting the option "Add another Business". I will provide a screenshot at the end of this answer.
On the Form 1040, however, these amounts from your different Schedules C and Schedules SE are combined onto the correct entry lines on the Form. In addition, if you are filing a joint return, any estimated payments are going to the joint amount. While you report the businesses themselves separately, the income and payment amounts are still combined on the 1040.
Here is the screenshot to input the separate Schedule C:
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