PatriciaV
Expert Alumni

Get your taxes done using TurboTax

Your only option is to file an amended return for 2024. You cannot file a second return for the same company. An amended return replaces the one you filed in error with only two K-1s and tells the IRS you are correcting the first return.

 

You will report income and expenses for the entire year. You may need to do special allocations to accurately reflect the income reported for the partners who left. You can read more about this under Business Info >> About Your Business >> Makes special allocations >> Edit >> "Explain This" hyperlink.

 

Be sure to include revised Schedules K-1 for ALL partners, those that left and those that remain, with the amended return.

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