K1 losses

Forum|Forum|1 month ago
May 13, 2026
1 reply
172 views

After filing my 2025 return, I just received an updated K1 form showing more losses. Although i cant use the losses now with no passive income, I will use in the future. So I still have to amend the return to report higher losses. How do I do that? I understand the taxes owed for 2025 wont change.

Ask the Experts - W4 - May 2026

AmitaR

Employee Tax & Finance Expert

Yes, you still need to amend your 2025 return due to the Corrected K-1 showing additional losses as it will update your Form 8582, Passive Activity Loss Limtations.

How to Amend?

1. Make sure you wait atleast about four weeks from the time you originally filed your return or make sure your originally filed return has been accepted, processed, and you got your original refund or paid the original balance due.

2. If you used TurboTax Online, go to Tax Home>scroll down to Your tax returns and documents>Select the year: 2025 in your situation>Select Amend return>Select Amend using TurboTax Online.

If you used TurboTax Desktop, open the tax file for the year you need to change: 2025 in your situation. Make a copy of the Originally Filed Return. Start the Amend process from Other Tax Situations tab. Make sure your Refund Meter shows "$0"

3. Make your changes: enter the corrected amounts on your K-1. Explain the reason for Amending return.

4. File your Amended return. Efile, if not able to efile if it is for Prior Years, then Paper File by Mail.

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