Final K-1

[wbmaher]

When filing 2019 return I neglected to note a K-1 was "Final".  Otherwise entered all data noted on K-1.  Do I need to file an amended return or can I correct this in some way when entering data for 2020 return?  Thank you.

[DavidD66]

If the "Final" box not being checked is the only thing missing/incorrect, I would not file an Amended return.  It should not have any impact, and won't need to be corrected in the future. 

[nexchap · Accepted solution]

I agree with the previous response, IF suspended losses were released correctly by TT in 2019.  If TT kept those losses in suspension (because the K-1 wasn't triggered as 'Final'), and they were supposed to be released, you'd want to amend.

[Rick19744]

And additionally, did you compute your overall gain or loss on that investment and was that reflected in your 2019 tax return?

In order to do this you would have needed to know your tax basis and input this into either Sch D and form 8949 or through questions addressed by TT.