I prepared 1065 K-1's. One had the wrong SS#. Must I refile the whole 1065 for the SS# on one K-1?

[MinhT · Accepted solution]

You do not need to file a full amended 1065. You just correct the error, mark the K-1 as corrected and reissue the K-1 then file it with the IRS with a letter stating that the K-1 has been corrected for an error in the SSN of the partner.

[byroncocha]

how do you file the corrected k1 report to the IRS? do you have to mail the corrected k1? or is there a way to do electronically? if needs to be mailed where do you send it?

thanks

[ToddL99]

You aren't going to be able to electronically file a single form (Schedule K-1) from your Form 1065 return. 

Federal and state e-filing systems are designed to accept and process compete returns, not individual forms that have been changed.

As @MinhT stated, "mark the K-1 as corrected and reissue the K-1 then file it with the IRS with a letter stating that the K-1 has been corrected for an error in the SSN of the partner." 

Mail the IRS copy of the corrected K-1 to the same address you would have mailed the entire 1065 return. See list below:

[Sharon Zhan]

How about state such as NY and NJ?

[Melo49]

I have a question on the subject above. 

Does the Preparer or Tax Payor sign the letter to IRS 

regarding the Social Security correction on a K-!.

Or does both the preparer and tax payro sign the letter. 

Thank you,

sue

[MarilynG1]

The Payor should sign the letter to the IRS with the corrected K-1, since they issued it originally. 

Click this link for more info on Schedule K-1.

[genuwine4532]

What about the person who got the K1 to submit for their 1040? Do they have to also submit a corrected K1 or just the Corporation?

[Critter-3]

If the only thing to change is the SS# then the partner can use the originally issued  K-1 form to file the personal return. 

[sadimoradi]

Adding onto this, what if the change was with respect to a substantive number, like an adjustment to an item of income? Would the individual partners need to be reissued amended K1s? Or can it be accounted for in the following year?

Thanks in advance

[sadimoradi]

@Critter-3 

[Critter-3]

Ok ... first the K-1 should be corrected by the issuer and the corrected K-1 sent to the member and the IRS  however the member can use the info on the form they already have since that is all correct.  They don't need to wait for the corrected K-1 form which is what my original answer said since I was talking to the receiver of the   K-1 not the issuer. 

[sadimoradi]

Thanks, I understand that you were responding with respect to the receiver. Was hoping you knew about whether the issuer was required to reissue to the member in the event of an adjustment of income/deduction. The K1s were originally issued in first quarter and the 1065 will be filed in September and that 1065 may have a minor adjustment. Does that adjustment warrant a new issuance to the member so that the member now has to amend? @Critter-3 thank you

[Critter-3]

Ok ... so you issued a K-1 on a unfinished incomplete 1065k ... bad move if more corrections to the K-1 may need to be made.  Instead of issuing the K-1 early all the partners should have gone on extension like the partnership did and waited for the real K-1 form.    Now all the partners really should wait for the correct K-1 to be issued as the one that was sent out prematurely is not correct.  If they already filed they should wait for the final K-1 form to amend their returns if needed.  

[sadimoradi]

Much appreciated. In your experience have you heard of firms just taking it into account the following year to avoid the administrative burden? I.e. like a 'no harm no foul' rule?

@Critter-3