2 member llc with death so now single member llc - i forgot to check FINAL on my 2024 1065

[michpr]

I have 2 member llc, but due to a death in 2024, it is now a single member llc.

I filed 1065 in 2024,but- i forgot to check FINAL on my 2024 1065.

How do I check FINAL on my 2024 return?

[DavidD66]

You forgot to check "Final Return" on your Form 1065.  You can correct this omission by filing an amended return using Form 1065-X.  This will formally close the partnership with the IRS. In the explanation section of Form 1065-X, note that the original return was the final return and that the box was inadvertently unchecked.  For more information click on the following link:  Instructions for Form 1065-X (10/2025)

[michpr]

Thank you - I can't seem to find the box to check "final" on the 1065x in turbo tax.  how do i find it?

[CesarJ]

You can go to Forms view and manually check that box.  There's a check-box on page 1 of Form 1065 to indicate that it's the Final Return.  It's Line G, box 2. 

[michpr]

Thank you.  How would i submit the 1065 with the only change being "FINAL" via turbotax?  

[DianeW777]

In the same section where you select 'Final' you will also select 'Amended Return' (box 5). This return must be mailed.

A subsequent return filed after the original return will be treated as an amended return, assuming the amended return box is checked. A taxpayer filing an amended return must indicate the return is such by selecting the Amended Return checkbox (designation) in the software or the return will reject as a duplicate filing. 

• Form 1065 Amendment
• Mailing Address for Amended Form 1065

@michpr 

[michpr]

Thank you.  Because the only change to this  2024 return is identifying it as "FINAL" - do I need to send a full amended return (does that include all of the pages?).

I understand that this is an "administrative update" and no changes to any numbers.  Does that make a difference in how I can let the IRS know?

[CesarJ]

Yes, you must send the full return. Because the "Final" designation is part of the return itself, the IRS requires it to be reported through an amended Form 1065. 

@michpr 

[michpr]

Thank you - do you think I will be assessed a fee because I am sending this "final" amendment well after the due date?

[CesarJ]

This a basic calculation of how much you’re looking to be paid without interest.

1. The applicable base penalty rate (which is $235.00 per month for 2024).
2. The total number of individuals who were partners in the partnership at any point during the taxable year.
3. The number of months (or partial months) the failure persisted, up to a maximum of 12 months.

As a small partnership, you might be able to get relief from those annoying penalties for filing your partnership return late or incomplete. This relief is automatically granted, as long as you have a reasonable cause and meet the specific criteria detailed in Revenue Procedure 84-35.

• Size and Partner Type: The partnership must have 10 or fewer partners. A married couple (or their estate) filing a joint return is counted as a single partner. Each partner must be an individual (not including nonresident aliens) or the estate of a deceased partner.
• Allocation: All items of income, deductions, and credits must be allocated to each partner in the same proportion.
• Partner Reporting: Each partner must have reported their share of the partnership's income on their own timely filed income tax return.

For more information, see Penalty relief for reasonable cause.

[michpr]

Just to be clear.

I filed my original 1065 on turbotax and e-filed.

1. In order to submit the amended return, I will print a new copy of 1065 and select "final return" and "amended return" on line G.

2. I will physically mail the return to Utah.

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