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Level 1
posted Jul 4, 2022 3:50:41 PM

Incorrectly entered K-1 from an S-corp as LLC

Since 2019 I received a K-1 from an S-Corp.  This S-Corp has an "LLC" in its name.  Therefore, in 2019, I incorrectly entered my K-1 data in my 1040 as Partnership.  Should I amend my tax return?

 

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1 Best answer
Level 15
Jul 4, 2022 4:03:43 PM

Since both forms have things in different boxes I would amend the return just to see if anything turned out differently ... if the bottom line has no changes you don't need to file it.

6 Replies
Level 15
Jul 4, 2022 3:59:02 PM

Threshold question:

 

Did you receive a Schedule K-1 (Form 1120-S) or a Schedule K-1 (Form 1065)?

 

https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf

 

https://www.irs.gov/pub/irs-pdf/f1120ssk.pdf

 

Note that the lines (below Line 3) do not match-up with respect to the two forms so you may very well have incorrect entries on your return.

Level 15
Jul 4, 2022 4:03:43 PM

Since both forms have things in different boxes I would amend the return just to see if anything turned out differently ... if the bottom line has no changes you don't need to file it.

Level 1
Jul 4, 2022 4:06:03 PM

I received K-1 from S-Corp Form 1120-S.  

Level 15
Jul 4, 2022 4:40:22 PM

@Marky3120 wrote:

I received K-1 from S-Corp Form 1120-S.  

Then follow the instructions in @Critter-3's post.

Level 1
Jul 4, 2022 5:00:39 PM

I am glad I found my mistake. Due to my mistake, Turbo Tax got confused causing my Schedule E to messed up (Line 28 in Schedule E got messed up). After I fixed the problem, I got a refund. 

Level 15
Jul 5, 2022 7:06:05 AM

@Marky3120 wrote:

After I fixed the problem, I got a refund. 

Excellent. Hopefully, it was only the one year (2019).