☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Mar 12, 2023 5:54:20 PM

A few questions before I file

Hi there,

 

I'm using TurboTax Home & Business (bought software), and Married Filing Jointly.

I am the one filing, and my spouse has a small business (i have nothing to do with it).

 

Below are my questions:

  1. Some of the business-related forms have my SSN on it (not the spouse's), and both of our names are on it. There are some business forms that has only my spouse's name/SSN on it, which got me worried. Is this normal? The ones that I found that has my SSN on it are:
    1. 8995-A - Qualified Business Income Deduction
    2. Schedule C - Loss Netting and Carryforward
    3. 4562 - Depreciation and Amortization
  2. UBIA (Unadjusted Basis Immediately after Acquisition of Assets) have an absurdly high value (compared to the size of current business), which I did not input. I'm not sure I understand it even after I google it. While I'm sure I input everything correct, I want to make sure if I overlooked something, causing something to be miscalculated?
  3. If I don't e-file state tax, will turbotax still give me forms that I can print out and mail it on my own? (I feel like $20 just for filing is too much.. after all, I purchased Turbotax to save money)

0 5 573
5 Replies
Expert Alumni
Mar 12, 2023 6:28:08 PM

1. No, if it is you spouse's business it should be her name/social on the forms.  Go back to the Self-Employment section and make sure the Business Info is correct.

 

 

2. The UBIA might be high IF there are a lot of business assets that had special depreciation or 179.  You can check this on the Depreciation Worksheet.

3. Yes you can print and mail the state tax returns.

Level 1
Mar 12, 2023 7:37:39 PM

Hi Mary, appreciate your comments.

 

1. That's the thing, I input the business in my spouse's name. Still, only "Schedule C (Form1040) - Profit or Loss From Business" just shows my spouse's name and SSN. But all other forms are in my SSN.

2. I have not entered the Depreciation section.

Expert Alumni
Mar 13, 2023 8:49:23 AM

Yes, that's normal. If you are listed first on the tax return then all tax forms that belong to the return, with the exception of the business schedule will be under your name and social security number (SSN).  The business will be under your spouse.

 

The assets for the business will be the depreciation section. 

  • Search (upper right) > Type schedule c > Click the jump to...Link
  • Edit beside the business and you may need to 'Add more Expenses for this work' or select Assets

Level 1
Mar 13, 2023 4:40:03 PM

Hi Dianne, thank you for your reply.

 

For UBIA, after some googling, I think it is because I put my current home as home office. So total value of the home multiplied by some factors (such as how much % of home I use for business, etc..)

 

But I could not figure out how the numbers are exactly calculated. Does anyone know how it is calculated, so I can cross-check the number? Also, not sure if having mortgage affects this value..

Expert Alumni
Mar 13, 2023 6:23:42 PM

UBIA (unadjusted basis of qualified business property immediatly after acquisition) is the cost of business property before depreciation, but only include it for the first ten years from when it was put into service for the business, or until it is fully depreciated, whichever is later. You can learn more here:  UBIA

 

Your mortgage would not affect the UBIA, as it is just a loan on your house, not property. As an example, if you purchased equipment that cost $10,000 in year one of the business, and that was all the property the business owned, the UBIA would be $10,000 in every year of the business for the first ten years.