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.
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