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HKLM
New Member

2 business as sole proprietor. 1st one under my SSN, ended that business and then started new using EIN. How to enter this in TurboTax

For the last few years I filled as a sole proprietor using my SSN and paid my employee as a 1099-MISC. Once I received my contractors license in November, I ended that business and started my current business also a sole proprietor but this time I am using a EIN and not my SSN. How do I enter this in TurboTax?

1 Reply
tygrtchr
Level 7

2 business as sole proprietor. 1st one under my SSN, ended that business and then started new using EIN. How to enter this in TurboTax

Open the "Business" section of your return and let the program walk you through the steps. Under "Business Income and Expenses," you will be able to put in all of your income and expenses for the first company.  You will be able to report that the business was closed and the date.

THEN, you can add another business (the one using your EIN) and input all of the information for that business.

If some or all of your employees worked for both businesses, you will need to issue each of them TWO 1099-MISC.  The first one would be income from January to November (using your SSN) and the second would be for the time you were using your EIN.

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