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Level 1

How can I fill out two schedule SE forms for me and my wife?

We have a partnership and I need to file two schedule C forms and two Schedule SE forms, is that possible in TurboTax?

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Level 10

How can I fill out two schedule SE forms for me and my wife?

YES you do have to enter your's and spouse's  2018 k-1 info into the 2018 1040.   there is only one SE form for each taxpayer.   TT will calculate SE tax for each of you by combining the SE income from your individual K-1's with the SE income from your schedule C's   make sure on each k-1 and schedule C tax you properly designate either taxpayer or spouse   


TurboTaxDaniel V  is saying that 

if you are not an LLC you can elect to be a qualified joint venture for 2018 if you meet the rules

Definition of a Qualified Joint Venture

A qualified joint venture is a joint venture that conducts a trade or business where (1) the only members of the joint venture are a married couple who file a joint return, (2) both spouses materially participate in the trade or business, and (3) both spouses elect not to be treated as a partnership. A qualified joint venture, for purposes of this provision, includes only businesses that are owned and operated by spouses as co-owners, and not in the name of a state law entity (including a limited partnership or limited liability company) Note also that mere joint ownership of property that is not a trade or business does not qualify for the election. The spouses must share the items of income, gain, loss, deduction, and credit in accordance with each spouse's interest in the business. The meaning of “material participation” is the same as under the passive activity loss rules in section 469(h) and the corresponding regulations . Note that generally rental real estate income or loss generally is passive, even if the material participation rules are satisfied, and filing as a qualified joint venture will not alter the character of passive income or loss.

then no 1065 is required. you report the activity on schedule C (non-rental) or schedule E (rental)    however, if your schedule c business and your "partnership" business are different activities you must file a schedule C/E for each taxpayer for each activity.  the "partnership" profit/loss.  just can't be split arbitrarily, one way is hours spent by each

not let's say the partnership is an LLC or limited partnership (LP).  as stated above you would not be a qualified joint venture and a partnership return would be needed for 2018


in 2019 you could dissolve the LP or LLC.  a final 2019 return would need to be filed   say you terminate at the end of February 2019, the return (you would have to use 2018 forms)  would be due 5/15/19. 

you report the activity for the rest of the year on schedules c or e as appropriate 

8 Replies
Level 12

How can I fill out two schedule SE forms for me and my wife?

Are you a partnership that needs to file a Form 1065 and subsequent Schedules K-1 or a Qualified Joint Venture?  If you are an LLC, you must file a partnership return.
Level 9

How can I fill out two schedule SE forms for me and my wife?

But yes if you want or need to you can fill out 2 schedule C. Be sure to assign each one to the right spouse. Enter them one at a time.
Level 1

How can I fill out two schedule SE forms for me and my wife?

I filed Form 1065 and Schedules K-1, but I am looking to become a Qualified Joint Venture, and the info I read said to file two Schedule C forms for the business and two Schedule SE forms, which would make us a QVJ
Level 12

How can I fill out two schedule SE forms for me and my wife?

Did you file the 1065 this year, or is it still pending?  Are you an LLC?
Level 1

How can I fill out two schedule SE forms for me and my wife?

I filed the 1065 this year, we are a partnership
Level 10

How can I fill out two schedule SE forms for me and my wife?

YES you do have to enter your's and spouse's  2018 k-1 info into the 2018 1040.   there is only one SE form for each taxpayer.   TT will calculate SE tax for each of you by combining the SE income from your individual K-1's with the SE income from your schedule C's   make sure on each k-1 and schedule C tax you properly designate either taxpayer or spouse   


TurboTaxDaniel V  is saying that 

if you are not an LLC you can elect to be a qualified joint venture for 2018 if you meet the rules

Definition of a Qualified Joint Venture

A qualified joint venture is a joint venture that conducts a trade or business where (1) the only members of the joint venture are a married couple who file a joint return, (2) both spouses materially participate in the trade or business, and (3) both spouses elect not to be treated as a partnership. A qualified joint venture, for purposes of this provision, includes only businesses that are owned and operated by spouses as co-owners, and not in the name of a state law entity (including a limited partnership or limited liability company) Note also that mere joint ownership of property that is not a trade or business does not qualify for the election. The spouses must share the items of income, gain, loss, deduction, and credit in accordance with each spouse's interest in the business. The meaning of “material participation” is the same as under the passive activity loss rules in section 469(h) and the corresponding regulations . Note that generally rental real estate income or loss generally is passive, even if the material participation rules are satisfied, and filing as a qualified joint venture will not alter the character of passive income or loss.

then no 1065 is required. you report the activity on schedule C (non-rental) or schedule E (rental)    however, if your schedule c business and your "partnership" business are different activities you must file a schedule C/E for each taxpayer for each activity.  the "partnership" profit/loss.  just can't be split arbitrarily, one way is hours spent by each

not let's say the partnership is an LLC or limited partnership (LP).  as stated above you would not be a qualified joint venture and a partnership return would be needed for 2018


in 2019 you could dissolve the LP or LLC.  a final 2019 return would need to be filed   say you terminate at the end of February 2019, the return (you would have to use 2018 forms)  would be due 5/15/19. 

you report the activity for the rest of the year on schedules c or e as appropriate 

Level 12

How can I fill out two schedule SE forms for me and my wife?

Your election will be next year.  Your partnership return is already filed, so when you input your Schedules K-1, these will automatically transfer over to separate Schedules SE for the self-employment tax calculation.  

But you are correct about the Qualified Joint Venture provision.  (As I mentioned in my comment, if you are an LLC, you will have to dissolve the LLC to make the election to be treated as a Qualified Joint Venture).  When you make this election, you can split the income/expenses by a reasonable percentage.  (You may choose 50/50 if you contribute evenly).  A little math is necessary:  you figure out all of the income and expenses on one Schedule C, but you actually use two Schedules C to report on the return (1/2 of the amounts on one, 1/2 of the amounts on the other).

You won't use this this year, but you can plan to use it next year.  Here is an IRS link to further assist you:  Qualified Joint Venture

Level 1

How can I fill out two schedule SE forms for me and my wife?

So I don't have to add my partnership business on my individual 1040 form this year?