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jimenezvero
New Member

For 2016 I forgot to report our LLC and our loss for the LLC. How do I report it for 2016 and 2017?

In 2016, we filed form 1065 but did not report it on our personal taxes. We are a partnership.

Should I first submit an amendment for 2016 before filing the 2017 personal taxes? How do I add the LCC on the 2017 taxes as a business that started in 2016?

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Accepted Solutions
HelenC1
Intuit Alumni

For 2016 I forgot to report our LLC and our loss for the LLC. How do I report it for 2016 and 2017?

Your LLC information is on your Schedule K-1, that is generated when you prepare Form 1065, U.S. Return of Partnership Income - Internal Revenue ... 

 

Yes, first amend your 2016 personal income tax and add your 2017 Form 1065 (Schedule K-1) - Internal Revenue Service Partner’s Share of Income, Deductions, Credits, etc. The information for your LLC will transfer to your 2017 personal income tax return and you also may have carryover amounts. See How do I amend a 2016 return in TurboTax? and Where do I enter a K-1 that I received? 

 

If you need to amend a tax return for another year, see How to amend (change or correct) a return you already filed?

 

[Edited 3-16-2020|8:24 am PST]

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1 Reply
HelenC1
Intuit Alumni

For 2016 I forgot to report our LLC and our loss for the LLC. How do I report it for 2016 and 2017?

Your LLC information is on your Schedule K-1, that is generated when you prepare Form 1065, U.S. Return of Partnership Income - Internal Revenue ... 

 

Yes, first amend your 2016 personal income tax and add your 2017 Form 1065 (Schedule K-1) - Internal Revenue Service Partner’s Share of Income, Deductions, Credits, etc. The information for your LLC will transfer to your 2017 personal income tax return and you also may have carryover amounts. See How do I amend a 2016 return in TurboTax? and Where do I enter a K-1 that I received? 

 

If you need to amend a tax return for another year, see How to amend (change or correct) a return you already filed?

 

[Edited 3-16-2020|8:24 am PST]

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