Qualified Joint Venture

[TTI Diana]

Does Lacerte have the ability to duplicate Schedule C for a Qualified Joint Venture in a Community Property State so One does not have to duplicate the entries for both Schedule C's?

[George4Tacks · Accepted solution]

Yes. Screen 16 > General Information > 3 radio dots - select JOINT

1 If Spouse, 2 If Joint

General Information

Screen 16; Code 10

Enter 1 if this Schedule C pertains to the spouse, or enter 2 if this is a jointly owned Schedule C. If you enter 2, the program prints the taxpayer's and spouse's names at the top of Schedule C and divides the net income in half to calculate and print two Schedules SE. Leave this field blank if this is the taxpayer's Schedule C.

[TTI Diana]

Thank You!

[nononono]

Per the Schedule C instructions this is not an appropriate treatment:

Making the election. To make this election, divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse based on your interests in the business. Each of you must file a separate Schedule C or F. 

https://www.irs.gov/pub/irs-pdf/i1040sc.pdf