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

[don_ross928]

Where can I  amend taxes to include a Form 1041

[VolvoGirl]

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]

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]

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]

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]

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@don_ross928 wrote:

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

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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."

[MRBN3]

We received a Form 1041 Schedule K after taxes were filed.  How do I amend my tax return this late?

[MRBN3]

personal return

[DianeW777]

When documents are received after your tax return has been filed, in most cases, an amendment must be completed to file an accurate tax return.

The following steps will explain how to begin the amendment process.  Read all of the instructions before you begin.

If you did your original return with TurboTax, you would have to select the return you want to amend.

• TurboTax Desktop will have a button at the bottom of the screen to select 'Amend a Filed Return'
• TurboTax Online  you must scroll down to 'Your tax return & documents' (you may need to select Show), select 2020 and then Amend (change) return.

If these steps are completed correctly the original column figures will be in place.

If you did not do your return originally in TurboTax, you must create the return as it was filed, then close/save it.  Sign back in to select the amendment options noted above.  If these steps are not followed, then the original column figures may not populate correctly.

Once you have completed the steps above, follow the steps below to enter the additional income (and/or expense) from your Form 1041-K1.

To enter your form K-1 in TurboTax, open your return and follow these steps:

1. Click on Federal Taxes, then on Wages and Income
2. Under All Income, scroll to S-corps, Partnerships, and Trusts section
3. Click Show more and click Start next to Schedules K-1
4. Continue to enter the requested information and select Boxes 1-5 for your entry