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How to handle revised K1 from 2022 return

my 2022 return included a K1, I now received a revision as the stated income on the original K1 was too high,

My income should have been 2500$ lower. Based on my marginal tax rate, there would be a tax relief of a few 100 dollars.  How do I best handle it. Can I wait until 2023 taxes, when I get again a K1 from the company and somehow include the 2022 revision? or do I file a amended tax return now for 2022?

thanks

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3 Replies

How to handle revised K1 from 2022 return

If you received an amended K-1, the post is not clear, then you need to amend the 2022 tax return to claim any potential refund.

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.

How to handle revised K1 from 2022 return

thanks Rick

yes I got another K1 for 2022,  so will amend my taxreturn, I assume there is no issue doing it that late in the year..

 

How to handle revised K1 from 2022 return

No there is not.

Welcome.

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
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