Amending Federal Return

[USER987456]

Just filed federal 1041 few days ago and realized that I forgot to include a Schedule K-1, is it too early to amend and efile? My return was accepted a few days ago on TurboTax.

[VolvoGirl]

Has your return been Accepted?  

You should not amend until the first return has fully processed and you get the first refund or your tax due payment has cleared.  

How to Amend this year

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-curr...

[USER987456]

How do I know when the original return is processed? I received back the confirmation of return acceptance soon after e filing? And the payment has already cleared my bank, does that mean it is processed? Thanks!

[SharonD007]

You will know it's processed when you receive your refund or your balance due payment hits your account.

  Follow this link to learn how to do the amendment.

[USER987456]

What happens if I efile amended 1040 X before payment clears, asking for a friend 🙂

[VolvoGirl]

Oh I see in your first post you are asking about a 1041 return?  Or did you mean 1040?  

We always say to wait to amend in case the IRS catches it and adjusts your return for you.  

[USER987456]

When do you know if they catch it and amend for you?

[USER987456]

I meant 1040! Thank you!

[AmyC]

The IRS computer data matches so it should catch the missing K-1 so that you get a letter from them with their adjustment in a few weeks or in the next year. If you will owe, go ahead and make a payment now so there is no penalty and interest piling up. You can make a payment for 2023 by saying it is an extension payment. Otherwise, any payments may go to 2024.

Once you have received your federal refund or paid balance due, you can file an amended return and add the k-1 and a payment. Go ahead and efile the amended if you feel confident there is nothing else on your return to catch or be investigated. 

Side note: Those of us that answer these questions are comfortable with waiting since it is a path of least resistance and wait to see what IRS will do. Sometimes an amended needs to be amended and can snowball. People rush into amended filings before they should way too often.