Disregarded entity copying tax forms

[guidestar-]

My spouse and I are sole owners (50/50) of an LLC, we are jointly filing with it as a disregarded entity,.  

We are required to enter everything for each of us.  I'm finding it incredibly difficult (especially on the depreciation schedule) to get the hundreds of check boxes the same so that forms for each of us match.  Is there any way in Turbotax to copy a forms and change the name at the top so that with our 50/50 shares we can get things to match and only enter them once?

[ScruffyCurmudgeon]

@guidestar!

Your subsequent comment "We are a dual property state" totally invalidates the whole premise that you and spouse could file using Schedule C and SE and avoid filing as a partnership (Form 1065).   Being residents of a state, Missouri apparently as you stated your state was "Dual Property" which is not a Community Property state, you must file a partnership return first.

See the IRS statement below on whether or not a married couple jointly owning an LLC can be considered a joint enterprise 

The Internal Revenue Service only provides that ONLY a married couple living in a Community Property State:

• Arizona,
• California,
• Idaho,
• Louisiana,
• Nevada,
• New Mexico,
• Texas
• Washington, or
• Wisconsin.

may file as if the business entity (the LLC) was a "Qualified Joint Venture" and could be disregarded.  

If a married couple does not meet the requirements of the IRS special rule, then their jointly-owned LLC would be treated like any other multi-member LLC which means it would be taxed as a partnership, not as a disregarded entity. As a partnership, an LLC has additional tax reporting requirements that don’t apply to a disregarded entity, such as filing a partnership tax return.

Note: If an LLC is owned by husband and wife in a non-community property state, the LLC should file as a partnership. LLCs owned by a husband and wife are not eligible to be "qualified joint ventures" (which can elect not be treated as partnerships) because they are state law entities. For more information see  Election for Husband and Wife Unincorporated Businesses .
https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-compan...

Joint Ownership of LLC by Spouse in Community Property States

Rev. Proc. 2002-69 addressed the issue of classification for an entity that is solely owned by husband and wife as community property under laws of a state, a foreign country or possession of the United States.

If there is a qualified entity owned by a husband and wife as community property owners, and they treat the entity as a:

• Disregarded entity for federal tax purposes, the Internal Revenue Service will accept the position that the entity is disregarded for federal tax purposes.
• Partnership for federal tax purposes, the Internal Revenue Service will accept the position that the entity is partnership for federal tax purposes.

A change in the reporting position will be treated for federal tax purposes as a conversion of the entity.

A business entity is a qualified entity if

1. The business entity is wholly owned by a husband and wife as community property under the laws of a state, a foreign country, or possession of the United States;
2. No person other than one or both spouses would be considered an owner for federal tax purposes; and
3. The business entity is not treated as a corporation under IRC §310.7701-2.

[guidestar-]

Thank you for your help.  I guess what confused me is that our LLC is registered in our state, with respect to tax treatment, as a "disregarded entity".    So our state considers it a disregarded entity but the IRS doesn't because the state is not community property!?  Arg.  Better to learn it now though so TY very much

[ScruffyCurmudgeon]

You are welcome -


Hopefully you have not previously filed as (dual) sole propriertors with two Schedule C since you are not a resident of one of the Community Property states, as listed.

[ScruffyCurmudgeon]

Unfortunately no, as the Intuit folks have never implemented a "copy form" function that would be ideal in your circumstance.

All I can recommend is that you go to Forms Mode and print out one complete set of Schedule C with Worksheets and supporting details and also the Schedule SE, then manually enter the data from the Schedule C and worksheet if necessary, then verify 2nd SE is filled correctly.

There are some things TurboTax simply does not do in an easy fashion.

BTW:  Assume you and spouse are residents in a Community Property State?

[guidestar-]

We are a dual property state....!?

[ScruffyCurmudgeon]

As an example, Missouri is a "Dual Property State."  MO is NOT a "Community Property State"