Do I need to amend my returns for a late K-1? TurboTax still has my 'you owe..' at $0

mostlycogent · ‎May 31, 2019

I received a late K-1, after I submitted my tax forms. I amended my forms, but the amount that I owe both the federal and state gov remained $0 and $0 in TurboTax. The income reported in the K-1 is pretty small.

Do I need to file an amendment? How does (or doesn't) the k-1 effect your taxable income?

TeresaMa · ‎May 31, 2019

Yes you would need to amend your return and submit the K-1 information. If you received a K-1 then whoever filed it also sent a copy to the IRS as required by them.If you don't report all of your forms it's possible the IRS will notice and change your return for you.

Schedule K-1 will show each member's income or loss from the LLC. If an LLC shows a profit for the year, each member pays income tax on his share of profit. If your profit is small then it may have none or little impact on your taxable income.

View solution in original post

Do I need to amend my returns for a late K-1? TurboTax still has my 'you owe..' at $0

After you file