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Level 4
March 28, 2022
Question

I need advise on entering info for Qualified Joint venture ? Proseries Basic 2021

I have a business Schedule C, not LLC, husband and wife.  They qualify for the Qualified Joint Venture.

on schedule C it asks if both T and S work in this business. 

I check this and it will not let me do a Schedule C in the S name and SS number. 

The point is to have S be able to get credit for income for SS

What am i missing. Thank you

Judy

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4 replies

March 28, 2022

I have no idea what that Joint box is supposed to do.

Create and file two separate Schedule Cs.

 

JudyBAuthor
Level 4
March 28, 2022

ThanK you. That is what I am doing, but I do not see where I can elect a qualified joint venture. 

Appreciate your getting back to me.

judy

March 28, 2022

You elect by just reporting it on two Schedule Cs.  There is no need to make a formal statement for the election.

Personally, I add it to the business/profession line.  So rather than entering "Cleaning Services", I call it "QJV: Cleaning Services".