Received Schedule K-1 (Form 1065) after I filed 2021 return last year. Do I have to file an amendment, or can I just add to 2022 return?

[kiwininja]

It is a Partner's Share of Income, Deductions,Credits, etc. form, and it is just capital loss, so it would increase my refund. Does it have to go in the correct year?

[MinhT1 · Accepted solution]

Each year's taxes have to reported separately.

You cannot add a Schedule K-1 from 2021 on your 2022 tax return.

If you have not yet reported the K-1 from 2021, you have to amend your 2021 tax return to add it.

To amend your tax return, please read the instructions in this TurboTax FAQ.

[zhangqimin17]

Hi,

I am also trying to amend my 2021 return but got 

"

We could not e-file your return for the following reason:

The Intuit Electronic Filing Center is closed for the 2021 Personal Income Tax filing season. November 15, 2022 was the last day to file returns electronically.

"

This doesn't make sense. The IRS specifically says:
"

If you need to amend your 2019, 2020 or 2021 Forms 1040 or 1040-SR you can now file Form 1040-X, Amended U.S. Individual Income Tax Return electronically using available tax software products.

"

That means I should be able to file 2021 amendment with Turbotax, right?

[JamesG1]

That is correct.

If you used TurboTax Online, simply log in to your account and select Amend a return that was filed and accepted.

If you used the CD/download product, sign back into your return and select Amend a filed return. 

You must file a separate Form 1040-X for each tax return you are amending.

See also this TurboTax Help.

@zhangqimin17

[zhangqimin17]

Hi,

Thanks for your explanation! But I am getting this error:

"

We could not e-file your return for the following reason:

The Intuit Electronic Filing Center is closed for the 2021 Personal Income Tax filing season. November 15, 2022 was the last day to file returns electronically.

"

[GeorgeM777]

As noted in the attached link, the latest TurboTax guidance indicates that  for years prior to 2022, amended returns need to be printed out and mailed.  The attached link also contains information about what happens when a return is amended.

Can I e-file my 1040X to amend my return?

@zhangqimin17

[CJBILL2]

I reviewed all of the instructions to amend 2021 taxes to add K-1 1065, and it provides steps, including #5 that says: select Start next to the info you need to change

What info do I select? I selected Wages & Income but can't seem to find anything under that list that fits. Every time I put K-1 into the search, I get a dead end because I can't get to where I actually enter in the info. Additional steps would help clarify every single thing you click to progress. 

[ThomasM125]

Follow these steps to enter your K-1 form:

1. Choose the Federal option on your left menu bar
2. Choose Wages & Income
3. Choose Business Investment and Estate/Trust Income
4. Choose Schedule K-1 and click on the Start option

Follow the intructions in the Schedule K-1 section to enter your K-1 information. @CJBILL2 

[mimebsen]

Do I have to report my K-1 if the change would result in an income loss of approx  $350 loss?

[AliciaP1]

Yes, you need to report all items of income (or loss) to accurately report your taxable income.  The IRS also receives a copy of your K-1, so they will be matching that info to your return once you've filed.  You can follow the steps posted by ThomasM125 to enter your form in TurboTax.

@mimebsen