We received a K-1 for my husband's LLC, in which he is one of several members. I filled in all the boxes as asked for by TT from the K-1, and filed the return. When I looked more carefully at the printed return, I saw that it appears the entire income from the LLC is being used to calculate our qualified business income deduction- not just my husband's portion of the income. (but his income from the LLC is being properly reported) So,
1. What could I have answered incorrectly in the questions? I don't think TT ever asked what % ownership my husband has. I don't even know how I would amend this, since I just answered the questions asked.
2. How long do I have to wait to amend the return? Do I have to wait until I get my (too big) refund, (ie until I know the first return has been processed?), or can I do it immediately?
Thanks!
