I did my first 1065 partnership tax return for 2020 on TurboTax. Unfortunately, after discussing with my CPA today, I found out that I categorized the partners incorrectly. Since my LLC is a holding company, therefore, it's passive, I was supposed to check the boxes that state that the partners are passive LLC members & not ACTIVE managers. Therefore, on my 2020 1065, it showed a self-employment loss (income) in box 14 when, technically, there shouldn't be anything there since my LLC is a passive entity. I tried to go back in to TurboTax Business 2020 to amend the return but it didn't allow me to change the partnership selection.
How do I do/fix this?
Thank you.
