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?
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.
Select your product below and follow the instructions.
Thank you! How do I know when the return I filed is “completely processed” by the IRS?
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.