If you have a multi-member LLC or partnership, then the business is required to file it's own physically separate 1065 tax return.
If you have a C-Corp that business will file it's own 1120 tax return.
Ifyou have an S-Corp that business will file it's own 1120-S tax return.
TO complete the business return you must purchase and install TurboTax Business on your Windows computers. TurboTax Business is not available for MACs or as an online product.
Upon completing the business return, the business will issue each owner/partner a K-1. Each owner/partner will need the K-1 before they can even start their personal 1040 tax return.
If you have already filed your 1040 tax return, then once you get the K-1 from the business you will need to file an amended tax return.
Already E-Filed and Need To Change
If you have already E-filed your tax return and need to make a change for any reason, then you have no choice but to wait until the IRS processes your E-filed return. If the IRS rejects your E-filed return, then you can just make the necessary changes and resubmit it. You **DO** **NOT** amend a rejected or pending return. If you do, then you’ll find yourself in a never-ending nightmare from which you will not awaken for a looooong time.
If the IRS accepts your E-filed return, then you must WAIT until the IRS has processed your return. If you have a refund due your return is not processed until you have received your refund. If you owe taxes, your refund is not processed until you have paid those taxes and your payment has cleared your financial institution. Once processing is complete, you will need to file an amended return. You cannot e-file an amended return. The IRS says you can’t. You have to print it, sign it (both the 1040 and 1040X) and mail it to the IRS.
If your E-Filed return is pending, and you change anything on your copy of your return, then you are guaranteed to have major issues with correcting or amending it later. So for your own sanity, do not touch anything until it’s time, as clarified above.
If your e-filed return is rejected, it is **NOT** e-filed. You do **NOT** amend a rejected return. There are no exceptions to this.
An amended return must be printed, signed and mailed. The IRS says so.
If my return is accepted, why do I have to wait for my refund before I can amend it?
Just because the IRS has accepted your return, does not mean that they agree with it. Sometimes, the IRS will “catch” your error (or some other error you don’t know about) and go ahead and correct it for you. You’ll know that when your refund is not what you expected. So you have to wait for the refund. If that happens to you, then you will receive a letter 3-4 weeks after you receive your refund, explaining what was changed, why it was changed, and with instructions on what actions to take if your dispute the change. If you receive such a letter and agree with the changes the IRS made, post in this forum with the details (without including personal information) and we'll try to help you get your copy of the return in agreement with the IRS changes, so you won't have issues importing next year.
