After filing an S-Corp extension, can I update a K-1 before filing the return?

[George4]

I filed an extension for my 2016 S-Corp taxes.  I have since received help in calculating a Capital Stock profit/loss amount that needs to go on my K-1.

TurboTax Business says "Once you file your extension, do not make any changes to your extension entries because the information carries to your return."

How do I complete my taxes with the new (correct) information, which is different that the info I filed with my extension?

Can I simply make the changes and file normally?...or do I have to file with the old data, then file an amended return showing the new data?

The change affects the K-1 that's used for my personal taxes.  What's the proper order to complete the filings with the corrected data?

Thanks,

[DS30 · Accepted solution]

Just because you cannot update the extension information once the extension is filed does not mean that you cannot update information on your 1120S Form. Some of the information that you will not be able to change would be the name of the S-Corp and the EIN. Information related to the capital stock, balance sheet and profit and loss statements can be changed all the way up to when you actually file your 1120.

Therefore, you will simply make the changes and file normally by the extended due date.

[George4]

Music to my ears!  That's how I thought it should work, but needed verification.  Thank you so much for the quick response.