Just received a K-1 after filing my taxes

[pauld3]

Form 1065 which gave me a couple of hundred more in profit fromr selling my oil ETF. my taxes were completed and submitted to IRS weeks ago. Can I just change the oil stock numbers to reflect those on the 1065

[ee-ea]

Your pending return can not be changed. If your return is accepted you will get an email. If the return is rejected the e-mail will tell you what to correct and you can make changes before e-filing again. Amend to change an accepted return after you get your refund. Instructions below

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

[MonikaK1]

If you received a Schedule K-1 after filing your return, you should amend your return and enter the information from Schedule K-1 in the appropriate section of TurboTax. See this TurboTax tips article for more information on Schedule K-1, and this one for help with entering the K-1 in TurboTax. 

Before you can file an amended return for 2022, the original return will need to have been processed by the IRS (refund issued / payment processed).

See this article for more information on filing an amended return.

The regular due date for issuance of Schedule K-1 is March 15th. In order to file an accurate return, it's generally best to wait until you have the K-1 before finishing and filing your return.

See this article from Yahoo! finance regarding ETFs and Schedule K-1, including a list of those who issue Schedule K-1s because they are structured as partnerships. 

There are different types of ETFs. Depending on how the fund is structured, the tax treatment and tax forms may be different. Certain investment products, including Commodity ETFs, are structured to operate as partnerships. They issue a Schedule K-1 to each partner (i.e., investor) to report their share of income, gains, losses, deductions, or of any other taxable event.

See this TurboTax article for more information on reporting forms for investment income.

[Mike9241]

nope. you now have to amend to include the k-1 income.  this also means that the tax basis reported by the broker is incorrect (they don't get the needed info to properly adjust from what you originally paid to what your correct tax basis was on the site of sale). there should have been a supplemental schedule with the k-1 from which you can get your proper tax basis. it's also likely that there's a column on the supplement indicated as "section 751" or "gain subject to recapture as ordinary income" (at the bottom of the column it will likely say  "form 4797part II line 10"). this is not included on any of the lines on the k-1 except as info on line 20. so this must be reported as income. this income increases your tax basis so it must also be taken into account when figuring your capital gain or loss.   

[LindaS5247]

Keep the following in mind regarding amending your tax return:

• Wait until your return has been accepted (or mailed if paper-filing)
• Use the same TurboTax account you used to file your original return
• Once you begin your amendment, you'll see your original return. Only make changes to the areas of your return that need amending. The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
• Any changes you make to amend your federal return will automatically be transferred over to your state return

Click here for additional information on filing an amended return in TurboTax.

Click here for IRS" Should I File an Amended Return:" and click on Begin