I just filed a federal 1065 for an LLC. I file the state on paper because it is easier, but in making my final review of the state prior to mailing, I found a error on the state reports. These means that the supplemental information I put on the K-1 for taxes paid for this last year were incorrect. I have not sent the K-1s to the member of the LLC. I could correct that line of supplemental information on the individual K-1s, but after doing so do I need to send in an amended return to the IRS or do they just ignore that supplemental information.
Make sure you save an original copy of your return.
Open TurboTax Business and select Amend a Return from the initial screen.
Rename your amended return so you have clear different original and amended return file names so you do not overwrite your original return.
The process is very intuitive and will step you through step by step what you need to change.
You will need to print and mail in the amended return with corrected K1s.
You can also use the Step by Step feature to access the K1s to update them.
Hi. Sorry if this is not a related matter. I automatically uploaded all the information from my broker (Robinhood) but later on I received a Schedule K-1 Supplemental Information Statement from one of the stocks I own (EPD). is That information for verification purposes only or this is something that needs to be included manually? I am guessing that all the information regarding dividends, interest, etc., is included on the information sent by the broker, but just wanted to be sure before filing.