Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
seaurchin99
New Member

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

This company filed for bankruptcy this year.
1 Best answer

Accepted Solutions
WillK
Level 9

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

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. 

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

View solution in original post

2 Replies
WillK
Level 9

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

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. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
WillK
Level 9

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

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. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v