Business Return amendment needed?

[vsposito]

Hello,

We have a single owner LLC that we filed our return for. When filing I mistakenly did not select that it was a qualified business. I filed electronically through turbo tax.

I did not realize the error until filing our personal taxes later in the day. I have amended the document in TurboTax Business and obtained the proper form needed for my personal filing, but I wanted to know if I needed to amend my original filing for the Business?

Thank you

[LeticiaF1]

Yes, you will need to amend your business return to make sure your qualified business income deduction is calculated. This will correct your Schedule K-1 so that you can claim the QBI deduction on your personal return.  

How do I amend my federal tax return with TurboTax Business Desktop?

What is the Qualified Business Income (QBI) deduction?