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Why doesn't my amended return have any differences after adding K-1 forms?

I'm trying to amend my return to include two K-1 forms, one showing a loss over $1,000 in Part III, #1, Ordinary business income (loss).  At the review stage, it says "We don't detect any differences between your original 2020 return and your amended return."  When I print the return and select "All official forms required for filing," I don't see the sum of the losses or the individual losses anywhere.  I looked at the IRS instructions for filing K-1 forms which says that the losses should appear on line 2b.  However, 2b hasn't changed.  I spoke with a TurboTax representative for ~45 min, but she couldn't figure it out.

 

How do my losses appear in the amended return?  If they don't appear, do I need to file an amended return that has no differences?

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Accepted Solutions

Why doesn't my amended return have any differences after adding K-1 forms?

Was the K-1 for a passive activity where losses are suspended until a sale (or realizing a gain)?  If so, nothing you filed would change, but your TT file would include a K-1 worksheet with the suspended losses to be used in the future.

 

If that's the case, you don't need to file an amended return, but should keep the new, amended TT file for use in future years.

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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!

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3 Replies

Why doesn't my amended return have any differences after adding K-1 forms?

Was the K-1 for a passive activity where losses are suspended until a sale (or realizing a gain)?  If so, nothing you filed would change, but your TT file would include a K-1 worksheet with the suspended losses to be used in the future.

 

If that's the case, you don't need to file an amended return, but should keep the new, amended TT file for use in future years.

**Say "Thanks" by clicking the thumb icon in a post
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!

Why doesn't my amended return have any differences after adding K-1 forms?

Yes, passive activity where losses are suspended until a sale.  Both K-1's are for oil and gas MLP's.  Thanks for your response.  If I didn't hear back, these K-1's would be nagging at me in the back of my mind for a year.

ThomasM125
Expert Alumni

Why doesn't my amended return have any differences after adding K-1 forms?

Since you do not materially participate in the oil and gas partnerships, the losses are considered passive and therefor may not be currently deductible on your tax return.

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