turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Received K-1 after I filed tax return

I filed my 2024 income tax return with TurboTax on April 14th but realized a few days ago that I failed to report a small loss from a K-1 I had received.   I am a partner in a small partnership (an LLC) with my 3 brothers that owns a small piece of property - undeveloped land.  It generated no revenue but had a small amount of expenses.  My share of these expenses per the K-1 was $605.  So the only thing on my  k-1 is a loss of $605.   Candidly, I do not want to amend the return for this small loss (assuming I would even get it under the passive loss rules).  But, I was uncertain whether the IRS would try to match reporting for the K-1 for the partnership return that was filed to my tax return which did not report the K-1 information at all.   Thoughts?   

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
RobertB4444
Employee Tax Expert

Received K-1 after I filed tax return

If the only thing that the K1 is reporting is that small loss then you do not need to amend your return.  The IRS requires you to report all income that you receive.  Deductions are (mostly) optional.

 

@CShell85 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question