Schedule K-1 (Form 1065)

Forum|Forum|5 years ago
April 10, 2021
2 replies
20 views

I received two K-1 forms after my fed return has been accepted. Then I tried to amend my fed return. One K-1 Form 1065 says "Do not use information in Part III" and I skipped the steps on Part III; the due amount did not change. Another form 1065 has 0s for all entries in Part III, and I entered them step by step; the due amount did not change either. Then TurboTax asked me why I need to amend, and I put something "I received Schedule K-1 with Form 1065", but TurboTax could not complete the amend. What should I do? Do I need to amend it if the due amount remains the same?

Thanks,

MaryM428

Level 11

Yes, you do need to amend, even if your amount due does not change. That is because the IRS will receive copies of the K-1 and see that you did not enter them.

TurboTax wll not let you file an amend right now if there are unemployment benefits included on the return. That is because TurboTax is still working with the IRS to ensure that amends do not cause any other problems.

yangqAuthor

Level 2

@MaryM428 I efiled the Fed return, but have not mailed the state returns for CA and WI. Now should I use the amended Fed return to update the state returns or update the original Fed return then update the state returns?

Thanks!

nexchap

Level 9

For the K-1 that said "Do not use Information in Part III", did it also include a supplemental schedule that is supposed to replace part III? If this was a PTP that owned other PTPs, the K-1 needs to be split into multiple entries, so the K-1 includes a Supplemental Schedule that shows what each subsidiary K-1 is supposed to include.

**Say "Thanks" by clicking the thumb icon in a post. **Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user. . Use any advice accordingly!