1099K for Joint Owners

Forum|Forum|1 year ago
January 28, 2025
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I received a 1099K form from an app service we use to process payments. If my spouse and I own the business 50/50, do I split the amount on the form under both names?

The form came under our joint LLC. Our names/socials are not on it.

Not A Product Question

KeshaH

Since your business is an LLC with multiple members (also called a multimember LLC or MMLLC), your income and expenses should generally be reported on a partnership return, Form 1065, which is due March 17 this year. You and your spouse would each get a Schedule K-1 that reports your share of income and expenses to report on your personal return. You can click here to start a business return in TurboTax.

There is an exception to the requirement that multimember LLCs file a 1065. Married couples in a community property state can elect to split their income and expenses and report them on their own Schedules C. If this applies to you, you can split the income and expenses evenly within TurboTax without needing to file a Form 1065.

For more information, see:

- Election for married couples of unincorporated businesses

- Community property states