How to amend 1065 with TurboTax Business PC Desktop

[wrnoof]

After e-filing our 2021 1065 with TT Business Desktop, I found I needed to make changes to the balance sheet in Schedule L and the Analysis of Net Income just above it on page 5 of Form 1065. None of this changed the income reported on K-1, but the Capital Account Analysis in Part L of K-1 does change. We are too small a business to be required to report the Capital Account Analysis, but I do it anyway as good practice. I went through the amendment process in TT. It told me to go through the interview again, print out some new forms (1065x AAR and miscellaneous attachment explaining the changes made) and all changed forms, which seems to be most of them. TT does not offer the option to print Forms 8985 and 8986, which the IRS instructions state must be attached to the 1065x AAR and distributed to the partners. At that point I got lost. I could not find any further guidance from TT on how to get this information filed.

1. Do I need to file an amended 1065 to cover this revision? I assume I must since the IRS instructions talk about filings that do not involve an "imputed underpayment."
2. If so, how do I get that done?
3. If these items cannot be e-filed, how do I find out where to send them?

[RobertB4444 · Accepted solution]

If the only thing that changed was a capital account analysis that you aren't required to report then you have no need to file an amended return.  It is good to change it in your tax file, though, so the correct information rolls over to next year.

[wrnoof]

Thanks for the common sense advice. I'll report better information next year.