My wife and I perform and record music together. We would like to do schedule C and I see that we must do individual schedule C forms for the business. I can't figure out how this works in turbo tax.
Thanks,
longcornet
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Create 2 business- -like Music 1 and Music 2 and assign one business to each of you splitting the income and expenses.
You can do this as long as you did not organize as an LLC or something else. If you organized, you have to follow different rules depending on where you live.
In Turbotax, you can create multiple schedule C businesses. This would be true whether you have two different side gigs (like landscaper and ride share), or you and your spouse have two separate businesses, or you and your spouse share the same business. You can call the businesses "Bob's music" and "Jane's music" for example, just make sure the "owner" of each business and their SSN is correctly assigned to each schedule C. Then, report the income and expenses equally, or report them unequally if your activities were unequal.
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