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?
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.
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.
Hi,
I am also trying to amend my 2021 return but got
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This doesn't make sense. The IRS specifically says:
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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.
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That means I should be able to file 2021 amendment with Turbotax, right?
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.
Hi,
Thanks for your explanation! But I am getting this error:
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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.
@zhangqimin17
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.
Follow these steps to enter your K-1 form:
Follow the intructions in the Schedule K-1 section to enter your K-1 information. @CJBILL2
Do I have to report my K-1 if the change would result in an income loss of approx $350 loss?
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.