my husband and I have a small business as partnership, how do we file the income and expenses amounts? will it be a fifty-fifty split?
Yes, you can split everything 50-50 if you would like.
If you are using TurboTax Home & Business, the easiest way to do this is in Forms mode. Create the T2125 - Statement of Business or Professional Activities for the one spouse, with all the amounts split. Then select Edit>Forms>Copy/Transfer Form and click “Copy” to make a copy of the T2125 onto the other spouse’s return. Then you can just edit the 2nd spouse’s form where necessary. The main thing you will have to edit is the partnership section, because on Spouse A the partner will be Spouse B (50%), and vice versa on the other one.
FarmerJeff
New Member
hopetrustlove
New Member
KB2221
Returning Member
-pkucleaning-ca
New Member
jmorson-tellwut-
New Member
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.