This tax thing is killing me:(.
Thank you AliciaP1 for the reply. @AliciaP1
A few follow-up questions:
The TBT business desktop leads directly to “Review Section 2”, with line A and B already having “NO” pre-checked.
It seems the key question is, what’s “Imputed Underpayment”.
My spouse and I are the only members/ partners of this LLC. We did small amount of activity with “0” on line 1-19 on 1065; (-1441) on line 1 of Sch K; 633 on line 2 of Sch K, and “0” on line 3-13 on Sch K.
I plan to make the following corrections:
1.
line 14a on page 4 of 1065 ————— should be -1441(was -720 on original 1065 filed)
2.
Box G of my Sch K-1 “information about the partner”: ——————“General partner” (was “Limited partner” ).
3.
line 14 of my Sch K-1(self-employment earnings), ————— -721(was 0).
Can some expert kindly explain what’s “Imputed Underpayment”, and if “NO” is the correct answer for line B? (Do the adjustments on the AAR result in an imputed underpayment for the reviewed year?)
I have been reading The instructions for 1065X for 3 days, still no clue...
Thanks a million!!!
