topic When to amend a return? in After you file

When to amend a return?

Matt2020 — Fri, 26 Mar 2021 20:11:45 GMT

My return was accepted in mid February and I’m getting a refund. I realized earlier this month that i did not include a K-1 for a limited partnership, and I won’t get that form until as late as mid April. If i have to amend my taxes, should i wait until after i get my refund? I don’t expect the K-1 to have any real meaningful impact on the numbers. Also, am i subject to the new IRS deadline in mid May for filing?

Re: When to amend a return?

RayW7 — Fri, 26 Mar 2021 20:27:55 GMT

Yes I would wait until the return is accepted before you file a amended return.

However, if it does not make an impact on your tax owed then you don't need to worry with the amended return.

You don't need to file an amended return if you discover a simple math or clerical error on your return. The IRS can correct those types of mistakes on its own. An amended return isn't necessary if you forgot to attach a certain form or schedule to your return, either. The IRS will contact you by mail if they need additional information to fix these types of errors. However, you should file an amended return if there's an issue that changes your filing status, income, deductions, or credits.

You'll need to file an amended return if you receive information after filing your original return that significantly changes your taxable income. For example, you might receive an amended W-2 form or a 1099 form showing previously unreported income (enough to make a difference on your return).

Re: When to amend a return?

Matt2020 — Sat, 27 Mar 2021 13:21:47 GMT

Thank you. The return has been accepted. In reading my statements from the limited partnership, it looks like the net of my allocated gains and expenses will be under $100 total gain. So I’m assuming that is the additional income I would have to report. Is that significant enough to file an amendment? My AGI was very high this year ($200K +), so in my opinion this would be a negligible amount. Appreciate the help.

Re: When to amend a return?

ToddL99 — Sat, 27 Mar 2021 14:38:47 GMT

Once you meet the threshold for filing a tax return then the IRS requires you to report all your income.

If you forget to report an income item, or discover one after you have filed, you have two options:

1. Amend - wait until your originally filed return is fully processed and then amend your return to add the missing K-1. For steps on how to easily amend your 2020 federal return please click the link below.

How do I amend my 2020 TurboTax Online return?

2. Wait for the IRS to contact you. If you don't file an amended return to report the K-1, the IRS may send you an automated Notice of Proposed Increase in Taxes later this year.  They will calculate the tax due (plus interest and penalties) and you can send them a check (no amended return necessary).  This is not an audit and is very common.

It is extremely common to omit reporting a tax form (e.g. 1099, K-1). You file before they arrive, they get lost in the mail, get lost in your house or get tossed along with junk mail.