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Returning Member
posted Oct 17, 2020 7:39:12 AM

I entered K1 forms but Turbotax does not recalculate my tax liability

I entered  K1 forms to my amended tax return but Turbotax does not recalculate my tax liability

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1 Replies
Level 15
Oct 17, 2020 4:31:31 PM

It is possible that it didn't change ... Review the original return vs the new 1040 to see what changed also ...

 

Look at the form 1040X …

 

Column A should have the figures from the original return, Column C the corrected figures and Column B the differences between the other 2 which needs an explanation on page 2 of the form 1040X.

 

If you completed it correctly you will see an entry on either line 16 OR 18:

On line 16 should be the amount you paid with your original return. 

On line 18 should be the amount of your original refund you received.

 

Then you will see your extra refund on line 22 OR  the new balance due you need to pay on line 20.