Re: K-1

When entering amounts on my 2018 K-1, i entered Business Income as positive when it should have been a negative amount. When I realized this yesterday, i changed it to the correct negative amount and saw it did not change my income or taxes. My question is - do I need to file an amended return for 2018 or can I just enter the corrected amounts in column B in Section A and B of the Passive Activity Adjustment to Income and Loss?

posted

If you already filed, you will want to amend your return. This may not have affected your total tax liability or refund/balance due because of the passive loss limitations. However, it does affect your passive loss carryover. You cannot just change the numbers in 2019, as they will not reconcile with what the IRS has on file from previous years.

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