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

Thanks for this! Quick follow-up: so I just need to check the "Amended Return" box on a new 1065 form and include all the same info as before but with box 14 completed? Do I need to include any forms specifically stating what changed between filings? Also, is this something that tax software like TurboTax can handle, or am I better off going to a professional? I'm just worried about the cost.

Yes, you'll check the "Amended Return" box on a new 1065 and include all the same information as before, but with box 14 properly completed. You should also attach a statement explaining exactly what changes you made (in your case, "Added self-employment tax information to Box 14 of Schedule K-1"). Most tax software can handle partnership amendments, including TurboTax Business or H&R Block Premium & Business. Since you're only making a simple change to Box 14 without altering any financial information, you could reasonably do this yourself with tax software if you're comfortable with it. The software will walk you through generating the corrected K-1s. If your partnership is truly small with straightforward income and expenses as you mentioned, DIY with tax software might be the most cost-effective option. However, if you're uncertain, a one-time consultation with a CPA who handles partnerships might be worth the peace of mind.

Does taxr.ai work with partnership returns? I've used other tax help services before but they usually only cover basic individual returns. The partnership stuff seems way more complicated. Can it actually help with amending a 1065 and K-1s?

I'm skeptical about these AI tax tools. How does it actually work with partnership returns? Does it just give generic advice or does it actually look at your specific forms? My accountant charges $300 just to look at an amendment, so I'd consider alternatives if they actually work.

The service analyzes partnership returns including Form 1065 and Schedule K-1s. It's not just for basic individual returns - it specializes in more complex situations like partnerships, S-corps, and other business entities. It's not generic advice - you upload your specific tax documents and it analyzes your actual forms to identify what needs to be fixed. For my K-1 amendment, it pinpointed exactly which boxes were incorrect and the specific information needed to correct them, then guided me through completing the amended return properly.

Wait how does this even work? The IRS phone lines are notoriously impossible to get through. Is this service actually legitimate or just another scam trying to get money from desperate taxpayers?

This sounds too good to be true. I spent literally 3 hours on hold with the IRS last week trying to get help with a partnership issue and eventually gave up. There's no way something can just magically get you through the queue... the IRS phone system is a disaster.

It uses call technology that navigates the IRS phone system and waits on hold for you. Once an agent is about to pick up, it calls you and connects you directly with them. It's completely legitimate - it's just automating the hold process so you don't have to waste hours with a phone to your ear. I was skeptical too, but it literally saved me hours of wait time. The service doesn't access any of your personal tax information - it just handles the phone connection part. They use the same public IRS phone numbers anyone would call, they just have technology to manage the waiting for you.

Thanks for the heads up! What specific codes should I be looking for in Box 14? My accountant wasn't super clear on what exactly was missing, just that Box 14 needed to be filled out. Our "business" is basically just selling handmade stuff online, if that helps.

For a small online selling business, you'll likely need code A for "Net earnings (loss) from self-employment" in Box 14. This is the most common code for small partnerships where the partners are actively involved in the business. If you have any guaranteed payments, those would be reported with code C. There are other codes for things like gross farming/fishing income, but for a simple online selling business, code A is typically what you need. Make sure the amount you enter matches the partner's share of ordinary business income from Box 1, minus any items that aren't subject to self-employment tax. Your tax software should calculate this correctly if you enter the information about your business activities properly.

Did you file electronically or by mail? I've heard conflicting info about whether partnership amendments can be e-filed or if they have to be mailed in.

Partnership amendments generally need to be mailed - most tax software doesn't support e-filing for amended partnership returns yet. I had to print and mail mine to the IRS processing center. Make sure to use certified mail so you have proof of delivery, and keep copies of everything for your records. The IRS website has the specific mailing addresses for partnership returns by state.

This is really helpful! Just to clarify - when you say "each partner's Box 14 would show their respective share," how exactly is that calculated? Is it just split 50/50 since there are two partners, or does it depend on ownership percentages? Also, regarding calling the IRS processing center - do you happen to remember which number you called? I want to make sure I'm calling the right place once I send mine in. @Ravi Kapoor Thanks for sharing your experience with this!

The Box 14 allocation depends on each partner's ownership percentage in the partnership, which should match what you reported in the "Partner's Share of Profit, Loss, and Capital" section of the original K-1s. If you and your partner split everything 50/50, then yes, each Box 14 would show half of the net self-employment earnings. For the IRS processing center, I called the general partnership tax line at 1-800-829-0115, but honestly the wait times were brutal. That's actually why I ended up trying one of those callback services someone mentioned earlier - it saved me hours of sitting on hold just to confirm they received my paperwork. Make sure you keep detailed records of when you mailed the amendment and follow up if you don't hear anything within 8-12 weeks. The IRS processing times for partnership amendments can be really slow.

The calculation depends on your partnership agreement and ownership percentages. If you and your buddy are 50/50 partners, then yes, you'd each get half of the $500 net earnings ($250 each) in Box 14. But if your partnership agreement specifies different ownership percentages or profit-sharing arrangements, you'd use those instead. For the IRS processing center, I called the general partnership line at 1-800-829-4933 and asked to be transferred to the processing center that handles partnership returns for my state. They were able to track the status of my amendment and confirm receipt. You can also check the IRS website for the specific processing center address where you mailed your return - they usually have direct numbers listed. Just make sure you have your EIN and the date you mailed the amendment when you call. It can take 8-12 weeks for them to process partnership amendments, so don't panic if you don't hear back right away.

The share calculation depends on your partnership agreement and ownership percentages. If you and your buddy are equal partners (50/50), then yes, you'd each report half of the net earnings in Box 14. But if you have different ownership percentages (like 60/40), it would be split accordingly. Since you mentioned this started as an accidental partnership, you might not have a formal partnership agreement specifying ownership percentages. In that case, the IRS generally assumes equal partnership interests unless you can document otherwise. For the IRS processing center number, I called the general business tax line at 1-800-829-4933. They can look up your partnership by EIN and confirm receipt of amendments. Just be prepared for long hold times - that's where services like Claimyr that others mentioned can be helpful. @Noah huntAce420 Hope this helps clarify things!

The partnership share depends on how you set up the partnership agreement and what percentage each partner owns. If you're 50/50 partners (which sounds likely since you mentioned "my buddy and I"), then yes, you'd split the Box 14 amount equally. So if your net self-employment earnings are $500 total, each partner would show $250 in Box 14. However, if you have different ownership percentages or profit-sharing arrangements, it would be split accordingly. Check your partnership agreement or think about how you originally agreed to split profits/losses. For the IRS processing center, I called the general partnership line at 1-800-829-4933, but honestly I had better luck using the callback services others mentioned in this thread. The regular IRS lines are brutal to get through to. When you do get connected, ask for the "partnership unit" and have your EIN ready. @Noah huntAce420 No problem! This stuff is confusing enough without having to figure it out alone.