My partner left before the start of last year. What tax froms do I need to file? Am I now a sole prop? I always filed a 1065 and received a K-1. How does it work now?

kmh · ‎June 1, 2019

Vanessa · ‎June 1, 2019

You didn't mention whether or not you were formed as an LLC. If you were not formed as an LLC and operated strictly as a partnership, you would now be considered a sole proprietor. If you were formed as an LLC and did not file Form 8832 to be classified as a corporation, you would be a single member LLC which the IRS classifies as a disregarded entity.

In either case, you will report your business income on Schedule C which is available in TurboTax Self Employed. You will NOT need to file a K-1 or 1065.

If you did file Form 8832 to be classified as a corporation, you would then need to file the appropriate corporate forms.

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Vanessa · ‎June 1, 2019

You didn't mention whether or not you were formed as an LLC. If you were not formed as an LLC and operated strictly as a partnership, you would now be considered a sole proprietor. If you were formed as an LLC and did not file Form 8832 to be classified as a corporation, you would be a single member LLC which the IRS classifies as a disregarded entity.

In either case, you will report your business income on Schedule C which is available in TurboTax Self Employed. You will NOT need to file a K-1 or 1065.

If you did file Form 8832 to be classified as a corporation, you would then need to file the appropriate corporate forms.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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My partner left before the start of last year. What tax froms do I need to file? Am I now a sole prop? I always filed a 1065 and received a K-1. How does it work now?