topic Re: Amending a return due to a revised K-1 in Get your taxes done using TurboTax

Amending a return due to a revised K-1

mcs72330 — Wed, 23 Apr 2025 16:25:16 GMT

I received a revised K-1 after I filed my 2024 Federal return. The revised K-1 has a line item for: 99o47 Cumulative Passive Losses 3,823. The amount was revised from $0 to $3,823. Based on this change: 1) do I need to file an amended return?, and 2) where do I enter the $3,823 amount in TurboTax?

Re: Amending a return due to a revised K-1

CatinaT1 — Wed, 23 Apr 2025 16:32:21 GMT

Yes, you should be able to take that loss on your return. Once you get into the amended return, navigate to the K-1 entries and make the appropriate changes.

If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines.

You must first wait until the initial return is completely processed.
You will have to use the same TurboTax account that you used for the original tax return.
Once you begin your amendment, you'll see your original return.
The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
Only make changes to the areas of your return that need to be corrected.
You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment

Select your product below and follow the instructions.

Amend TurboTax Online

Amend TurboTax CD/Download

Re: Amending a return due to a revised K-1

mcs72330 — Wed, 23 Apr 2025 16:40:44 GMT

Thank you! How do I know when the return I filed is “completely processed” by the IRS?

Re: Amending a return due to a revised K-1

AnnetteB6 — Wed, 23 Apr 2025 16:44:24 GMT

If you are expecting a refund from filing your original return, then it has been fully processed when you receive that refund. If you paid a balance due, then it has been fully processed once the payment to the IRS has cleared.

@mcs72330