My husband started a business in 2016. A partnership. No income received. Do I need to amend our taxes? I failed to add it to the taxes. They have been filed.

[kduran25]

Income for the company is not known.

[DanielV01 · Accepted solution]

Yes, you will probably need to amend your return, but you won't be able to right away.  The partnership your husband is with will file a separate return, called a partnership return, to report the income (or loss) that each partner will claim on their personal tax return.  The information on that reports this amount is given to your husband on Schedule K-1, which is produced by the partnership return.  When he does receive this (and it may still be a little while), here is where this goes in TurboTax, according to the following FAQ:  https://ttlc.intuit.com/replies/3301717

Here are the instructions for preparing your amended return:  https://ttlc.intuit.com/replies/4904787

[kduran25]

Thank you Daniel. I started to amend, but the on-screen directions do not have a question stating did you start a business. Is there something else or more I should consider? Or will my husband receive a form from the partnership?

[DanielV01]

He'll receive a form from the partnership, the Schedule K-1 that I mention in the answer above.  When he receives that, follow the instruction in both FAQs to start the amend and put the information on the form in the right place on TurboTax.

It's a pleasure to assist you.