Vanessa A
Expert Alumni

Business & farm

You are correct on how to file. When you file the 1065 which will generate the K-1, you will only be reporting the income (and expenses) from February through June on that 1065 and only your portion of that income from February through June will be on your K-1.  Then the rest of the income and expenses from July and August will be reported on Schedule C.  Since you will be reporting the income from the separate periods separately, you will not be double taxed, as each period will only be reported one time on your return.

TurboTax BUSINESS will cover the 1065 and the K-1.  You could then use TurboTax Home and Business desktop version or TurboTax Online Premium to do the schedule C and also enter the K-1 from the partnership on your return.  These will be entered in separate places in your return.  Do not add the K-1 in the business section.  

As a sole proprietorship, you do not need an EIN, even if you are still a LLC unless you choose to be taxed as a corporation or have employees.  A sole proprietor uses their social security number to file their taxes.  



 

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