topic K-1 amendment in Business & farm

K-1 amendment

InvClub — Sun, 15 Mar 2020 16:41:18 GMT

We are a LLC for investment club (<10 members) and filed federal return. After the return, it was realized one of the members was marked as 'Foreign Partner' on K-1 (Line H1). 2 Questions

1. Do we need to amend the return?

2. If amended, what to send with amendment ? Just one member's K-1 or all K-1s ?

3. If amendment is not required, can we just change the members H1 information and re-issue ?

Re: K-1 amendment

JamesG1 — Sun, 15 Mar 2020 17:21:42 GMT

If you have filed the 1065 with the incorrect information, you will have to amend the 1065 with the corrected information.

The software instructions will print out the paperwork necessary and provide instructions if the amended return is mailed.

This IRS publication states that "amended returns will require .... all forms, schedules and attachments that changed or that support changes on the amended form 1065."

Re: K-1 amendment

InvClub — Sun, 15 Mar 2020 22:42:48 GMT

where in 1065 is the partner information noted ? Only K-1 have partner info. hence the question. There is no change to amounts or numbers submitted to IRS. Only one of the partner is marked incorrectly. Does it still require amendment ?

Re: K-1 amendment

DeanM15 — Mon, 16 Mar 2020 19:18:44 GMT

The K1 is part of the 1065 and is issued to the partner. If I was the partner marked as Foreign I would be asking you to amend the return. There can be issues with Foreign Partners.

It is easier to amend the return now than to deal with IRS letters later.