Question on Amended 1041 Filing Please

[jyothi]

I am in the same situation. I just got a corrected 1099 Div. On April 10th!! All day been trying to understand if I should or should not file amendment. When you found out that your tax did not change with the new corrected version, did you continue to file the amendment? Thanks

[LindaS5247]

You do not need to amend if there is no change to your tax liability.

Click here for "Should I File an Amended Return? And click on Begin.

Click here for an article by TurboTax on "Do I need to Amend?"

Click here for detailed information on "How to File an Amended Return with the IRS."

Click here for a TurboTax video on "How to amend your tax return"

[14tax2_]

While it did not change the tax situation for the trust return, it did change the K-1. It was recommended not to amend the trust return (per an online search) until the original return has had time to be accepted by the IRS. Since the K-1 will change the numbers on my 1040, I am trying to determine whether it will require I amend that return. I haven’t yet looked into the impact the altered K-1 will have on my personal return. I have an appointment with my financial planner coming up, who also prepares returns. I will verify with her whether an amended 1041 or 1040 will be necessary. From what I am seeing, you have 3 years to file an amended return. Sorry I couldn’t provide more direction in this area.