S-corp return 1120s: How to amend ONLY a schedule K-1, not a full return?

[awholenoobworld]

This is not a question about a personal return, it's regarding an s-corp return (1120s). In Turbotax Business, how do I amend and print ONLY the schedule K-1s? According to the IRS there's a way to amend only the K-1s and not the entire 1120s return, and that's what I need to do, to update shareholder basis. I need to correct operating loss carryovers (too much was taken in previous years, resulting in negative income for the shareholders, when it should have been carried forward longer to offset future income). I need to correct the stock and debt basis for the shareholders on the K-1s so their NOL carryovers can be fixed on amended personal returns.

[ATClare95]

Are you saying that the S-corp has a loss carryover? If so, it should not. All income and loss items flow-through to the shareholders. They are then responsible for tracking their stock and debt basis in the S-corp, in order to determine if losses are deductible in the current year or not. Any losses that are not deductible in the current year get carried forward at the shareholder level until that shareholder has sufficient basis to deduct the losses. As long as the S-corp return properly reported and allocated all income and loss items to the shareholders, there is no need to amend the return, since it is not the S-corp's responsibility to track basis. If the shareholders deducted losses in excess of their basis in prior years, they will need to amend their personal returns.

Please clarify your situation, if I am misinterpreting it.