How can I submit an amendment to K-1's I generated for my partnership return?

You'll need to file an amended Form 1065 using Form 1065X to correct the Schedule K-1s. The K-1s are generated as part of the 1065, so you can't just amend the K-1s separately - you have to amend the entire partnership return. To amend a partnership return, follow these steps: 1. Complete a new Form 1065 with the corrected information (marking it as "Amended Return") 2. Generate new Schedule K-1s with the correct box 14 information 3. Include a statement explaining the specific changes you're making to the return 4. File Form 8977 (Partnership Representative Revocation/Designation) if needed Most tax software should allow you to prepare an amended return. Since your partnership is small, this shouldn't be too complex - you're just adding information to box 14, not changing any financial data. Box 14 is for self-employment tax information, which your personal accountant likely needs to properly complete your individual return.

After struggling with a similar partnership amendment situation last year, I discovered taxr.ai (https://taxr.ai) which was super helpful for figuring out exactly what forms I needed and how to file them correctly. It analyzes your specific tax documents and explains what you need to do in plain language. I used it when I had to amend our Schedule K-1s because we messed up some passive activity codes. It guided me through the whole amendment process, explained which boxes needed to be fixed, and helped me understand what statements needed to be attached to avoid issues with the IRS.

I tried taxr.ai after my initial skepticism, and I have to admit it was surprisingly helpful. I uploaded my partnership return and it immediately identified the issue with box 14 missing on the K-1s and walked me through the exact amendment process. The document analysis pointed out that I needed to use Form 1065-X rather than just submitting a corrected 1065 (which is what I was planning to do incorrectly). It saved me from making an additional mistake! The step-by-step guidance for completing the forms with the proper codes for box 14 was clear and actually made sense. I was able to complete the amendment myself without paying my accountant the $300 consultation fee. Definitely worth checking out if you're dealing with partnership amendments.

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Be really careful with amendments and make sure you're using the correct form. The IRS updated the amendment process for partnerships in recent years. For tax years beginning on or after 1/1/2018, you generally use Form 1065-X. For prior years, you file an amended Form 1065 with the "Amended Return" box checked. Also make sure you're using the correct income and expense codes for Box 14. That's probably what your accountant is concerned about - without proper coding in Box 14, your self-employment tax calculation could be wrong on your personal return.

As someone who made this exact mistake last year, let me tell you what worked for me. I used FreeTaxUSA which handles partnership returns for a reasonable price. To amend: 1. Create a new 1065 return in the software 2. Enter all the same info as your original return 3. Check the "Amended Return" box 4. Make sure to complete Box 14 this time 5. The software will generate the proper K-1s It's actually not as complicated as it seems. For a simple partnership with low income/expenses like yours, the amendment should be straightforward as long as you're just adding the Box 14 info and not changing any dollar amounts.

Just wanted to add my experience since I went through this same headache last year. The key thing that helped me was understanding that Box 14 is specifically for self-employment tax calculations - that's why your personal accountant won't touch your individual return until it's fixed. For a simple partnership like yours (selling stuff online), you'll most likely need to report your share of the partnership's net earnings in Box 14 with code "A". Since you mentioned $6,500 gross income and $6,000 expenses, your net earnings would be around $500, so each partner's Box 14 would show their respective share of that amount. I used TurboTax Business to handle my amendment and it was pretty straightforward. The software automatically calculated what needed to go in Box 14 based on the business income I'd already entered. Just make sure when you generate the new K-1s that both you and your partner get copies of the corrected versions for your personal returns. One tip: call the IRS processing center after you mail the amendment to confirm they received it. Mine got lost in the mail the first time and I had to resend everything.