My husband is self-employed, business is his name and social. I do the paperwork, filing, taxes, record keeping, etc. I have not filed a Sch C for myself. =============>>>>>>>>No; unless your state is one of the community pty states and your biz is qualified joint venture, you CAN not also file Sch C of 1040. However, you may receive a W2 from your spouse as an EE. In general, when an unincorporated business jointly owned/operated by a married couple is generally classified as a partnership for Federal tax purposes and need to file form 1065. Married co-owners failing to file properly as a partnership may have been reporting on a Sche C in the name of one spouse, in this case your spouse,.so that only one spouse, your spouse, can receive credit for social security and Medicare coverage purposes. The election for QJV (A QJV includes only businesses that are owned and operated by spouses as co-owners, and not in the name of a state law entity (including a LP or LLC) only in a community pty state permits certain married co-owners to avoid filing partnership returns, provided that each spouse separately reports a share of all of the businesses? items of income, gain, loss, deduction, and credit. Under the election, both spouses will receive credit for social security and Medicare coverage purposes.
We file married filing jointly, and not a community property state.===>>>>>>>>then, as said above a QJV is not for you; you need to file your return as a partnership, f 1065, or your spouse can hire you as an EE and file SCh C of 1040.
Is it possible that I can pay into social security for my work with my husband and NOT be a qualified joint venture, AND NOT have to do payroll/W-2 on myself?===>>>>>>>>>No I do not think so; aslongas your spouse hires you as an EE then he MUST issues you a W2 and need to w/h taxes including fica taxes from your paychecks. If not, you guys need to file f1065 as a partnership UNLEsS you are his EE.
If so, how, or what is that situation called, how can I search for more information on the matter? ====>>>>>>>>>As said, your tax return situation is is either a partenrsghip return or as said above, your spouse files SCh C of 1040 and issues you a W2 as his EE.
I recommend you visit the irs website or contact irs /IRS enrolled agent/ a CPA doing taxes in your local; area for more Info in detail.
If he made $50,000 and I earned $20,000 of that, could I enter it all on his Sch C (all our 1099-misc are in his name and SS) then use his "Other Expenses" line to take out my $20,000, and on my Sch C, enter the $20,000 under "General Income?" That seems WAY too easy for the IRS to approve of. ======>>>>>>>>>>>As mentioned as your state is not one of ther community pty states, you guys CAN NOT file two Sch Cs or you can not include your portion on his Sch C of 1040. Your choice is to file form 1065 and you need to report your portion of $20K on your 1065 and Sch K1 of 1065 or you need to report $20K on your W2 and your jointly filed 1040, line #7 of 1040.
Do I understand correctly that I can't be a contractor to my husband because I would only be working for him, and he's a sole proprietor? =====>>>>>>>>>>.As mentioned previously, you need to be either a partner of the biz or a reg W2 EE of the biz. |