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don_ross928
New Member

I need to amend taxes to include a new Form 1041, how would I do that?

Where can I  amend taxes to include a Form 1041
5 Replies
VolvoGirl
Level 15

I need to amend taxes to include a new Form 1041, how would I do that?

Did you get a Schedule K-1 from a 1041 return to enter into your personal return?  Or do you need to prepare the 1041 Estate/Trust return?

rjs
Level 15
Level 15

I need to amend taxes to include a new Form 1041, how would I do that?

What do mean by "include a Form 1041"? Form 1041 is not part of your personal Form 1040 tax return. It's a separate tax return for a trust or estate.


Or do you mean that you received a Schedule K-1 (Form 1041) that you have to add to your personal tax return? If that's what you mean, go to the following link for instructions to amend a 2020 tax return that you filed with TurboTax.


How do I amend my 2020 return?


It normally takes the IRS 16 weeks to process an amended return. But they are severely backlogged this year, so expect it to take much longer than that.


Don't file the amended return until your first return has been accepted and you have received the original refund.

 

don_ross928
New Member

I need to amend taxes to include a new Form 1041, how would I do that?

Thank you for your response. I would assume we need to amend our personal return, but there doesn’t seem to be an option to file a K-1. 

VolvoGirl
Level 15

I need to amend taxes to include a new Form 1041, how would I do that?

Yes you need to amend to add the K-1 to your personal return. See the link above.

 

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Then scroll way down to Business items

Schedules K-1, Q - Click the Start or Update button

 

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

Enter each k-1 separately.

rjs
Level 15
Level 15

I need to amend taxes to include a new Form 1041, how would I do that?


@don_ross928 wrote:

there doesn’t seem to be an option to file a K-1. 


The tag below your original question indicates that you are using TurboTax Deluxe Online. TurboTax Deluxe Online does not support Schedule K-1. To enter the K-1 you will have to upgrade to Premier or Self-Employed, or switch to any edition of the CD/Download TurboTax software.


In any version of TurboTax that supports Schedule K-1, another way to get to the right place to enter it is to type k-1 in the Search box, then click the link that says "Jump to k-1."

 

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