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voodooo327
Returning Member

Amending incorrectly entered K1

I got a letter from the IRS stating I needed to amend a K1 form, Capital Gains/Schedule D. I believe I neglected to enter $9,302 on line 9a (schedule K-1, form 1065) which was reported. When I go back in to the TT software to amend, I am redoing the K1 portion. I assume the $9302 goes in as check box 1231 gain (loss)?  When I look at the 1040X, the AGI is only increased by $6423, which is the exact amount on the K1 form 1065, line ; Ordinary business income (loss)  which is -$6423 on the K1. Is this correct or should I be expecting AGI to increase by $9302? The 1040x form also net changed the QBI deduction by $1284 if that means anything. 

 

I am not a tax person but this is the first time I have had a k1 with an amount on it at all. So trying to figure out where these numbers are supposed to go if I can before looking for a local tax preparer. Thanks.  

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1 Reply
RobertB4444
Employee Tax Expert

Amending incorrectly entered K1

The TurboTax program will enter all of that information for you.  Just go to the 'Wages and Income' section of your federal return and scroll down to 'Business Items'.  The first entry in that section is for K-1s.  Just enter the information as it appears on your K1 form and the system will put the numbers where they belong in your tax return.  

 

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