Schedule k-1

Forum|Forum|5 years ago
March 10, 2021
4 replies
13 views

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

Level 15

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.

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iDontSleepAuthor

Level 2

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

DawnC

Employee Tax Expert

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: