topic K-1 received today and already filed 2021 return in Get your taxes done using TurboTax

K-1 received today and already filed 2021 return

Jake5863 — Wed, 09 Mar 2022 23:39:05 GMT

Can I include the 2021 K-1 income on 2022 taxes next year instead of amending my 2021 returns?

Re: K-1 received today and already filed 2021 return

DoninGA — Wed, 09 Mar 2022 23:41:03 GMT

No, the 2021 Schedule K-1 has to be reported on the 2021 tax return so you will have to amend.

An amended return, Form 1040-X, can only be printed and mailed to the IRS if the original tax return was not e-filed. The IRS will take up to 16 weeks or longer to process an amended tax return.

Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.

See this TurboTax support FAQ for amending a 2021 return - https://ttlc.intuit.com/community/tax-return/help/how-do-i-amend-my-2021-return/00/2544441

Re: K-1 received today and already filed 2021 return

MayaD — Wed, 09 Mar 2022 23:44:17 GMT

No. You need to report your 2021 K-1 on your 2021 return.

Wait until the IRS either accepts or rejects your return.

If the IRS rejects your return, you can make the changes and re-submit your return.

If the IRS accepts your return, you have to wait until it has been fully processed and you have received your refund. Then you can prepare an amended tax return.

In TurboTax, scroll down to Your tax returns & documents.
Select Show and then select Amend (change) return
Then Amend using TurboTax Online

Re: K-1 received today and already filed 2021 return

Jake5863 — Wed, 09 Mar 2022 23:54:48 GMT

Can I "Supersede" instead of amending my return?

Re: K-1 received today and already filed 2021 return

TeresaM — Thu, 10 Mar 2022 00:00:11 GMT

The return cannot be changed at this time, and you should wait until the return is either accepted or rejected. Think of it as having already being put in the mail. If your return is rejected, you will be able to modify it before you resubmit.

If your return is accepted, you can amend or correct your return if there is a missing Form K-1. You will want to wait until your original return is processed. Sometimes the IRS makes adjustments there, and you do not want two versions of your return in process at the same time. There is no additional charge to use Turbo Tax to amend your federal or state return. Many, many people have this happen every year. It is a very common thing to have a late form and need to file an amendment, for federal and/or for state.

Below is a Turbo Tax FAQ with step-by-step instructions to amend.

Directions to Amend

Re: K-1 received today and already filed 2021 return

Jake5863 — Thu, 10 Mar 2022 00:09:40 GMT

Thanks for your great answer! I submitted in Turbotax and both federal and state returns state in turbo tax they been accepted,'

Will there be any fees to use turbo tax to amend my returns? I will need to report only the K-1 form on the amended returns?

Re: K-1 received today and already filed 2021 return

DaveF1006 — Thu, 10 Mar 2022 00:15:46 GMT

No, there is no additional fee to file an amended return

Re: K-1 received today and already filed 2021 return

Jake5863 — Thu, 10 Mar 2022 00:17:50 GMT

Would it be safe to say I can amend now since turbo tax says both my federal and state returns have been accepted?

Re: K-1 received today and already filed 2021 return

FangxiaL — Thu, 10 Mar 2022 00:29:16 GMT

You can prepare your amended return now but wait till after the taxing authorities finish processing your returns to send them.

You can file a "Superseding Return" to replace the original one as long as you send it before the due date. The superseding return might not work for your state, therefore an amended state return is still needed.

@Jake5863

Re: K-1 received today and already filed 2021 return

Jake5863 — Thu, 10 Mar 2022 00:48:12 GMT

I just went to turbo tax to amend my returns to add my K-1 form and it says that I have to upgrade to Premium for $89? I thought it would be free?

Re: K-1 received today and already filed 2021 return

TeresaM — Thu, 10 Mar 2022 00:54:04 GMT

Amendments are free if you filed with TurboTax. However, if you need to add something that will generate forms which were not in your original package, then it will ask you to upgrade.

To file with a Form K-1, you will need to have either the Premier or Self-Employed version.