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My wife and I both work full time. She also has her own business where she gets a 1099 MISC. Should we file the business separately from our personal returns?

 
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My wife and I both work full time. She also has her own business where she gets a 1099 MISC. Should we file the business separately from our personal returns?

No, your Form 1040 is for all income that you receive in 2016.  You should report all income on the same form.

To enter a 1099-MISC, go to Other Common Income>Income from 1099-MISC.  She can also take any expenses generated because of that income.

Depending on whether she intends to keep that business for future years, it may be subject to self-employment tax.

Turbo Tax will ask you questions and file it appropriately according to the answers you give.

 

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My wife and I both work full time. She also has her own business where she gets a 1099 MISC. Should we file the business separately from our personal returns?

No, your Form 1040 is for all income that you receive in 2016.  You should report all income on the same form.

To enter a 1099-MISC, go to Other Common Income>Income from 1099-MISC.  She can also take any expenses generated because of that income.

Depending on whether she intends to keep that business for future years, it may be subject to self-employment tax.

Turbo Tax will ask you questions and file it appropriately according to the answers you give.

 

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