Amended Tax Return

[nothing]

I forgot to include a K-1 in last year's return. 0 gain and 0 loss. So it does not affect any tax number. One more record to Schedule E.

In this case:

1. I assume I still need to file 1040X, correct?

2. Do I need to file State tax return amendments as well?

Thank you for your help.

[WillK]

Yes and Yes. . If you already filed your return you will need to wait to see if it was rejected or accepted. If they were rejected you are able to login to your return to fix what you need to fix and fix the errors that caused the rejection and refile the return. If your returns were accepted, then you will need to file an amended return. You should not try to amend your return until the original return it has been fully processed and you have received your refund or your payment has cleared.

Amended returns do not “catch up” to your original return and replace them; they are processed as two separate returns.  
Amended returns have to be printed and filed by mail.  It can take the IRS up to 12 weeks or longer to process them.   If you are due a larger refund than on your original return, your amended return should only show the difference and you will receive a separate check for it.  If you owe money on your amended return, it will show only the new amount owed, you will have to mail a check with the return. You can check the status of your amended return by clicking here: https://www.irs.gov/filing/individuals/amended-returns-form-1040-x-/wheres-my-amended-return-1

 Click here for amending instructions: https://ttlc.intuit.com/replies/3288565

[nothing]

@TurboTaxWill Will, thank you for your prompt reply. The change only affects schedule E as this K1 does not have any gain or loss. State tax return still needs to be amended?

[WillK]

Yes you should file an amended state return. Info from the K-1 can and probably will effect your state tax.