I got a letter from the IRS stating I needed to amend a K1 form, Capital Gains/Schedule D. I believe I neglected to enter $9,302 on line 9a (schedule K-1, form 1065) which was reported. When I go back in to the TT software to amend, I am redoing the K1 portion. I assume the $9302 goes in as check box 1231 gain (loss)? When I look at the 1040X, the AGI is only increased by $6423, which is the exact amount on the K1 form 1065, line ; Ordinary business income (loss) which is -$6423 on the K1. Is this correct or should I be expecting AGI to increase by $9302? The 1040x form also net changed the QBI deduction by $1284 if that means anything.
I am not a tax person but this is the first time I have had a k1 with an amount on it at all. So trying to figure out where these numbers are supposed to go if I can before looking for a local tax preparer. Thanks.