My wife and I are the only members of an LLC. Our CPA had us filing a Schedule C as a Sole Proprietor. It's my understanding that is acceptable as a disregarded entity. Is that correct? But TurboTax wants two Schedule Cs for a husband-wife partnership. Note my wife owns 51% of the LLC. Our CPA...
Husband & wife filing jointly Owning an LLC (unequal ownership 45%, 55%), named XYZ Working on entering two Schedule K-1 (1065) forms for the XYZ LLC (from TT Business) When entering the second Schedule K-1, I get asked "Should XYZ LLC be treated as part of a combined business?", where "XYZ LLC" is ...
Husband & Wife filing jointly, LLC with two Schedule K-1 forms ... - Intuit
My wife and I (husband) live in Texas, a community property state, and own a multi-member LLC, where we are the only members. The LLC has community property. We filed Form 1065 for 2022 and before as a partnership and then included the K-1 information in our joint return. We are shifting from a part...
Solved: Conversion of Multi-Member LLC (Husband & Wife Only ... - Intuit
Then for example, in even numbered years the husband claims all the income and expenses and gets all the medicare and social security credit. THen in odd numbered years the wife owns it and she gets all the medicare and social security credit. Of course, that only balances out provided there is a real, taxable net profit every year.
How to file a Schedule C for a husband/wife LLC in a community ... - Intuit