Schedule k-1

[iDontSleep]

Hi, so I had my taxes filed for my

s-Corp and received my k-1 afterwards. I thought I would have to file the k-1 separate from my personal income tax. I filed my personal income tax and did not include the

k-1. I made no income in the year 2020 for my businesses, only loss. In my k-1 there’s only a loss of -133. Should I amend my return and file again or should I not bother. I live in NY State. Any help would be great, thank you.

[DavidD66]

I recommend that you file an amended return and report the missing K-1.  The IRS is expecting you to file a K-1,and you also want your losses and cost basis to agree with IRS records.

[iDontSleep]

How do you suggest I go about this, I filed my personal income tax return on TurboTax.

[DawnC]

Since the K-1 should have been reported on your personal return that you have already filed, filing an amended Form 1040X will correct your tax return.  I will leave instructions below for filing an amended return in TurboTax.  However, keep in mind that the actual Form 1040X for 2020 will not be ready to e-file until later this month.  You will be able to e-file the form once it is ready and you have 3 years from the date you filed your return or 2 years after you paid the tax due (whichever is later) to file an amendment.

You will need to amend if you already mailed your return (or the government accepted your e-file) and:

• You need to report a tax form you forgot about or received post-filing (most commonly a W-2, 1099, or 1095-A, or in your case a K-1).

How to amend (change or correct) a return you already filed

[iDontSleep]

Thank you so much for you help. I really appreciate it!!!!