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Does the Partnership have to amend the K-1?

A partnership files form 1065 and distributes K-1s to the only two owner/partners. The K-1s have the "limited partner" box checked instead of the "general partner" box. Does the 1065 get amended in its entirety, with the general partner and amended K-1 boxes checked? Or can the K-1s be amended separately? Or is it necessary at all?

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Employee Tax Expert

Does the Partnership have to amend the K-1?

You can't amend the Schedule K-1 forms separately.  Prepare your amended return in TurboTax Business, and print and mail the Form 1065X with an attached statement that you are correcting only the partner type on the Schedule K-1, and attach only the amended K-1 copies to the Form 1065X and explanation statement.

 

And, the partners should keep a copy of the amended K-1 with the correct partner type for their records.

 

See this link to the "What to attach" section of the IRS Instructions for Form 1065X.

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Highlighted
Employee Tax Expert

Does the Partnership have to amend the K-1?

You can't amend the Schedule K-1 forms separately.  Prepare your amended return in TurboTax Business, and print and mail the Form 1065X with an attached statement that you are correcting only the partner type on the Schedule K-1, and attach only the amended K-1 copies to the Form 1065X and explanation statement.

 

And, the partners should keep a copy of the amended K-1 with the correct partner type for their records.

 

See this link to the "What to attach" section of the IRS Instructions for Form 1065X.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post