How do we change who the business is assigned to (who owns the business)?
Income for each business you have is assigned to either the taxpayer, the spouse, or to both of you.
In TurboTax, select the person who “owns” it when entering the business under the Business Income and Expenses – Profit or Loss from Business area.
Or under the Business tab, change your existing business owner by:
- Under Business Income and Expenses Schedule C, Form 1099-MISC, click Update next to Profit or Loss from Business.
- Click Edit by the business, and next to Business Profile - General Business Information, click Update.
- Then you can Edit the business and change the Business is Owned by: information. Each business can be owned by the taxpayer, the spouse, or both.