Originally Posted by Tifkenjos
My husband and I meet the qualifications to file as a Qualified Joint Venture for our business. Some of the business income has been reported on a 1099 that was issue to my husband, under his name and social security number.
#1; Can we simply split this income on our respective Schedule C's - or is going to trigger a problem if my husband does not report that entire amount on his Schedule C?
#2;what is the appropriate way to handle this?
#1;I think so but it depedns ;aslongas 1099 income was earned by both of you.each of you needs to report his/her income on his/her sch C.
#2;As mentioned above; you need to file two Sch Cs and SEs ; The election for a qualified joint venture stays in effect as long as the spouses meet the requirements.