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I have received additional K-1 forms. Should we reopen?

Forum|Forum|7 years ago
June 4, 2019
1 reply
7 views

I thought we had finished. The 2018 tax report has been filed. Should we reopen the return?

TurboTax Self Employed Online

Best answer by DoninGA

You will need to amend the 2018 tax return to add the additional Schedule K-1's received. An amended federal tax return, Form 1040X, can only be printed and mailed, it cannot be e-filed. The IRS will take up to 4 months or longer to process the amended tax return. If taxes are owed after completing the amended return, you send a check with the amended return when it is mailed. If the amended return has a tax refund, then the IRS will send you a refund check in the mail for the refund, the refund cannot be direct deposited.

The tax return should not be amended until the tax refund has been received from the IRS.

See this TurboTax support FAQ for amending a tax return - https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

Answer

Level 15

You will need to amend the 2018 tax return to add the additional Schedule K-1's received. An amended federal tax return, Form 1040X, can only be printed and mailed, it cannot be e-filed. The IRS will take up to 4 months or longer to process the amended tax return. If taxes are owed after completing the amended return, you send a check with the amended return when it is mailed. If the amended return has a tax refund, then the IRS will send you a refund check in the mail for the refund, the refund cannot be direct deposited.

The tax return should not be amended until the tax refund has been received from the IRS.

See this TurboTax support FAQ for amending a tax return - https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed