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Business & farm
I have a related question/ problem:
I filed 1065 and K1’s for the LLC owned by my spouse and me in MA.
(Later I found out we can probably avoid 1065 and file this business activity in our joint personal tax return).
there was a line 14a on page 4 of 1065 was NOT correct, and this error seems from Box G of Sch K-1 “information about the partner”: “General partner” should have been checked, but I checked “Limited partner” instead.
this further leads to missing of value in line 14 of Sch K-1(self-employment earnings), as far as I understand.
the above PE tax return has already been accepted by Fed and state of MA.
now can anyone advise how to correct the mistake? Should I do 1065X?
the PE tax was prepared using TurboTax business desktop version. Should I Amend , then print and mail?
thank you all.