Hi Mike,
The K-1 is correct. Somehow I entered the information from the Statement attached to the 1065 (for whole LLC)-instead of from my K-1. The fact that I made this mistake is very upsetting to me. I just want to correct it now!
When i did a search online, I found advice from the taxpayer advocate service at the IRS that says that if you don't receive a notice from the IRS:"If the due date for filing your tax return has passed, you can submit an amended tax return to correct most mistakes. You can’t electronically file an amended tax return. You must mail it to the IRS. If you realize you made a mistake but the due date for filing hasn’t passed, don’t file an amended tax return. Instead, file another original tax return with your correct information." This seems incorrect on several counts. How can I just send another original? It would get rejected if sent electronically, and would sit long after the tax deadline if sent on paper.
I also read about superseding tax returns. (maybe that it what is being referred to above) But, that must be sent by mail, and I imagine would sit around for many months.
What is the quickest option to fix this-without causing further confusion? We are still due a refund, but only half as much as on the original return. And can I send an amended return before the tax deadline?
