I have seen suggestions that the 1099s are reported by one and/or the other, then expensed by one to the other in proportion to the ownership share, but it's not clear exactly where the expense would be shown in TT or on Schedule C, or where the income would be captured on the other spouse's Schedule C. (I.e., we are each filing a separate Schedule C, and need to divide the income from the 1099s between them).
You'll need to sign in or create an account to connect with an expert.
The key is to not report the 1099-MISC as a form. The IRS does not care if you specifically reference a 1099. They just want you to report the income. As long as you report enough income to cover all 1099s, then you're fine.
So, complete two Schedule Cs, and enter the income split 50/50. You do the same thing with your expenses.
Here's how to report your income without a 1099 entry:
The key is to not report the 1099-MISC as a form. The IRS does not care if you specifically reference a 1099. They just want you to report the income. As long as you report enough income to cover all 1099s, then you're fine.
So, complete two Schedule Cs, and enter the income split 50/50. You do the same thing with your expenses.
Here's how to report your income without a 1099 entry:
Complete one SchC for you and one for your wife. That way each of you will get credit for social security contribution.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Fernanag
New Member
SoarHighBeFree
Level 1
USM Professor
Level 2
Simonr78248
New Member
shak0000
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.