Qualified Joint venture, need 2 Schedules for each forms

[MccTax 2023]

We have a family business and want to split our sole proprietor income/expenses with a qualified joint venture. We have a Schedule C and Schedule E. Can we proportionate Schedule E too? How we can have two Schedule Cs, Schedule Es, and Schedule SEs? There is only 1 schedule for each form.     

[VolvoGirl]

You need to manually add another Schedule C and E under the other person's name.  I don't know how Schedule E works.  I think that's by the property not the owner.

For Schedule C you would split up all the income and expenses and enter half on each Schedule C or whatever percentage you want.  Be sure to assign each C to the right person.  It will automatically create a Schedule SE for each person.  

See this to add another Schedule C

https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-schedule-...

If you've already entered self-employment work and need to enter more, select Add another line of work.

[VolvoGirl]

Here's some info I found...

IRS info on married joint venture

Election for Married Couples Unincorporated Businesses | Internal Revenue Service

Here are some posts about Qualified Joint Venture

https://ttlc.intuit.com/community/business-taxes/discussion/how-do-i-join-my-wife-s-existing-sole-pr...

[dwalkerrus]

If you use TurboTax Desktop you can fill out one Schedule C using one of the spouses (does not matter which).  Once the Schedule C is complete go to the Forms Mode, Go to Sch C and change the ownership question from Taxpayer or Spouse to Joint Venture.  This creates one Sch C with both names and splits income on Sch SE, one for taxpayer and one for spouse.  Thanks to JM for collaborating with me for this gem.  

[Pitch-Black-Forest]

Having separate Schedule-SE's and a single Schedule C with both names is ok? Everything I've been reading says to make a separate schedule C. If the IRS accepts this, it would definitely save a major headache of duplicating and halving. Can anyone vouch if they did this and it hasn't red flagged the IRS? Fingers crossed, you may have saved me a ton of time!

[CatinaT1]

No, each spouse must include a separate Schedule C reflecting his/her share of the income and deductions on their joint tax return.

Here is a couple FAQs:

What is a Qualified Joint Venture? - The TurboTax Blog - Intuit

Election for married couples unincorporated businesses