One of my schedule k1 is incorrect. It shows a profit instead of a loss.

[seaurchin99]

This company filed for bankruptcy this year.

[WillK · Accepted solution]

The best thing to do is request a corrected K-1 to show the loss and not a profit if the K-1 is incorrect. The IRS will have received the incorrect K-1 and will be looking for it on your return. I would contact whomever issued the K-1 and inquire as to why it is incorrect and request a new one.

In the meantime you can still work on your tax return, and it is getting close to the filing deadline you can file the return and then always amend it when the corrected K-1 comes in. 

[WillK]

The best thing to do is request a corrected K-1 to show the loss and not a profit if the K-1 is incorrect. The IRS will have received the incorrect K-1 and will be looking for it on your return. I would contact whomever issued the K-1 and inquire as to why it is incorrect and request a new one.

In the meantime you can still work on your tax return, and it is getting close to the filing deadline you can file the return and then always amend it when the corrected K-1 comes in.