How to split 1099-K from eBay (PayPal) to S Corporation and personal before S corporation status?

[hovrashko]

I got 1099-K for 27K form PayPal for 2016. Until July 9 I have 9K sales and 18k the rest of the year. 

In 2016 I have had LLC (it's dissolved as of 1/1/17), i did business exclusively on eBay store. I have requested to treat my LLC as S-Corporation, and it kicked in at July 8 (got letter from IRS).

 Now i have my personal taxes and LLC taxes. As i understand before July 8 (S-Corp status) my LLC income and expenses treated as my personal? And after July 8, 2016 my LLC corporation with its own deductibles and income? 

Is there from where i can split my 1099-k form PayPal? Or I can do all the taxes together disregarding S-Crop status (approved at July 8,16)?

[PatriciaV · Accepted solution]

Yes, you will need to report the income & expenses for your business on two separate tax returns.

The activity prior to becoming an S-Corp is reported on Schedule C of your personal tax return, found in TurboTax Self-Employed Online. Be sure you indicate that this business was "sold or disposed of" as of the date of the S-Corp election. This allows TurboTax to mark the Schedule C as final, telling the IRS not to expect this schedule in the future.

The remaining activity belongs to the S-Corp and is reported on Form 1120-S, found in TurboTax Business, a CD/Download product to be installed on your own computer. Since this is a partial year return, be sure to indicate this when you set up the business (date of S Election).

Use your business accounting records to allocate income and expenses to the two periods. Form 1099-K is not reviewed by the IRS, so you won't enter this on either return.