Employee Tax Expert
February 10, 2020 12:23 PM
You can determine your share of the tax liability by using these methods:
- Enter all of your information into the return first.
- Note the tax liability.
- Then add the information on your wife's business to see how the figures change.
- If you have already entered all the information, note the tax liability and then delete the Schedule C from the return. [You would have to reenter it before filing.]
- You can view the What If Worksheet in Forms Mode.
- Go into Forms Mode by clicking the Forms icon in the top right of your screen.
- Click the Open Form icon, above the Forms in My Return list.
- Click the plus sign next to 2019 US Form 1040.
- Scroll down almost to the end and click What If Worksheet.
- The worksheet will appear on the screen to the right.
- Click Copy column 1 to column 2. (Column 1 is populated from your return -- you will make any changes in column 2)
- Delete the business income on line 12.
- Scroll down the list and make any other desired changes.
- You will see the difference in tax liability at the bottom of the form.