Tax form to file for Partnership Business?

I haven't been on these forums for awhile but know that there are many knowledgeable posters here.

Last year I bought into a small business with another partner. It's a partnership. I have a full-time day job where I work for the govt. The small business is a side income for me.

My partners CPA told me that I could do all my taxes on my 1040. Even my business income (my partner recently did his taxes this way). I guess this would go in schedule C? However, I've been doing my taxes via Turbotax for the past 4 years. Does the version of Turbotax deluxe allow me to enter the info from my business as well into my 1040? For some odd reason I don't trust our CPA.


Anyway, these are my 3 questions:


1- being that it's a partnership, do we have to file any other seperate tax forms (i.e. form 1065) besides our personal 1040?

2- if we do have to file other tax forms, do we have to file them together, with both our names and signatures on them, or can we file them seperately?

3- since we ended up with a net loss for the year, are we still eligible to invest in SEP-IRAs? The net loss was ~$5K

I greatly appreciate any responses/comments/concerns. By the way, what's the deal with all the ads being posted? I don't remeber it being like this before.

Thanks,
Ed

1. If you and your partner have indeed formed a partnership and operate it as such, you need to report your business income and expenses on Form 1065. The Form 1065 will include a Schedule K-1 for each partner, allocating your share of income or losses, which you then report on your respective 1040's.
2. One Form 1065 must be filed. Only the signature of one general partner is required.
3. If the business had no net profit for the year, then the business cannot make SEP contributions for the partners.

Regard,