My husband and I formed an LLC, each 50% partners. He made more on the 1099s, how do I split the income?

[deescott]

The 1099 is in his name.  The application instruction was to do 2 businesses and split the income and expenses, but it doesn't like when I say it is his 1099 and put 50% under my business.   If it is his 1099 should it all go under his name?  Then how do I accommodate the 50% split as per our agreement?

Please advise,

Diannne

[DavidS127 · Accepted solution]

Because your business is a partnership, you cannot do the tax return in TurboTax Home and Business.  You will need TurboTax Business to do the LLC partnership return.

Included in the partnership tax return is a Schedule K-1 for each partner.  Each of you will enter your Schedule K-1 from the partnership in TurboTax Home and Business/Premier/Deluxe when you do your personal tax return.

See the information at this IRS website for more information about entities for married couples.  Note that there is an IRS option for a married couple to not be treated as a partnership, but that couple's bu..., with an LLC included in the definition of "incorporated".

[SweetieJean]

But see this if you are in a Community Property State:

https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-compan...

[deescott]

I did get the TT Business, and all is clear.  Thank you for the direction!