How to correctly file an amended partnership return after just submitting original?
So I run a small partnership with two other people and we've always submitted our tax forms by mail every year. This year I sent in our 2023 returns about a month ago (Form 1065, Schedule K-1s, etc), but just realized we made a mistake on our depreciation calculations for some new equipment. I need to amend the return ASAP, but I'm not sure about the process. Do I just fill out the exact same forms again with the corrected information and mail them in? Do I need to mark them as "Amended" somewhere? Is there a specific form for partnership amendments? This is our first time having to do an amendment and I want to make sure the IRS processes it correctly without causing confusion or triggering any red flags. Thanks for any help!
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Oliver Zimmermann
Partnership return amendments need to be handled carefully to avoid confusion at the IRS. You'll need to file a new Form 1065 with the "Amended Return" box checked at the top of the form. You'll also need to include corrected Schedule K-1s for each partner that are clearly marked as "AMENDED" at the top. Make sure to include a detailed statement explaining the specific changes you're making (the depreciation calculation correction) and why. This helps the IRS understand the purpose of the amendment and reduces the chance of questions. Also attach any schedules or forms that are affected by the change, not just the ones that were incorrect.
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Natasha Volkova
•Do you need to include the forms that weren't changed at all in the amended return? Or just the ones affected by the depreciation correction?
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Oliver Zimmermann
•You should include all forms and schedules that are affected by the change, even if just indirectly. For the depreciation correction, this would likely include Form 1065 itself, Schedule K-1s for all partners, and Form 4562 for depreciation. You don't need to include supporting schedules that have absolutely no connection to the depreciation issue, but when in doubt, include it. Better to provide too much documentation than not enough.
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Javier Torres
I was in a similar situation with my LLC last year and found taxr.ai really helpful for figuring out the right amendment procedure. I had no idea what forms needed the "amended" box checked vs which ones needed to be completely redone. The site at https://taxr.ai analyzed my original return and highlighted exactly what needed to be changed for the amendment. Saved me from making some mistakes that might have caused further issues.
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Emma Davis
•Does taxr.ai work for all business types or just partnerships? I have an S-Corp that might need amending too.
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CosmicCaptain
•How long did the whole process take? My amendment is pretty time-sensitive since we're trying to secure financing and need clean financials.
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Javier Torres
•It works for all business types including S-Corps, partnerships, and solo proprietorships. I've used it for both my partnership and a Schedule C business. The process was surprisingly quick - took me about 20 minutes to upload my original return documents, and I got a detailed analysis within a couple hours. For time-sensitive situations like yours, it's definitely faster than waiting for an accountant to fit you in during tax season.
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CosmicCaptain
Just wanted to follow up and say I tried taxr.ai after seeing your recommendation. It was really helpful! I uploaded my partnership docs and it actually identified a few other small issues I hadn't even caught. The amendment guidance was super clear - it showed exactly which boxes to check and what supporting docs to include. Honestly wish I'd known about this before sending in the original return in the first place.
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Malik Johnson
If your goal is getting this amendment processed quickly, calling the IRS directly can help but it's nearly impossible to get through these days. I used https://claimyr.com when I needed to fix a partnership amendment issue last year and they got me connected to an actual IRS agent in under an hour. You can see how it works in this video: https://youtu.be/_kiP6q8DX5c - basically they wait on hold with the IRS for you and call you when an agent picks up. I was able to confirm exactly what I needed to include with my amended 1065.
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Isabella Ferreira
•How does this actually work though? They just sit on hold for you? Seems weird that this would be a service.
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Ravi Sharma
•This sounds like BS honestly. I've tried everything to get through to the IRS and always end up waiting 2+ hours or getting disconnected. No way they have some magic solution that actually works.
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Malik Johnson
•They use a system that dials into the IRS and stays on hold so you don't have to. Once an agent picks up, they call your number and connect you directly to the agent who's already on the line. It's not magic, just a way to avoid sitting by your phone for hours. When you're running a business, your time is literally money. I was skeptical too until I tried it, but talking directly with an IRS agent about my specific amendment situation saved me from making mistakes that would have delayed processing.
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Ravi Sharma
Ok I need to admit I was completely wrong. After posting that skeptical comment, I decided to try Claimyr anyway because I was desperate to talk to someone about my own amendment issue. They actually got me through to an IRS agent in about 45 minutes. The agent was able to confirm exactly what supporting documents I needed for my specific situation, which saved me from sending in an incomplete amendment that would have been rejected. Definitely worth it just for the peace of mind.
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Freya Thomsen
Important thing nobody mentioned - make sure you also correct any state returns that might be affected by the federal amendment! Each state has different requirements for reporting federal amendments.
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Amina Toure
•Thanks for bringing this up! Do you know if I need to wait until the federal amendment is processed before filing the state amendment? Or should I do both at the same time?
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Freya Thomsen
•You should generally file both around the same time, but check your specific state requirements. Some states want you to include proof that you filed the federal amendment when you submit your state amendment. You don't need to wait for federal processing to be complete before filing the state amendment - that could take months. Just make sure your state and federal returns are consistent with each other.
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Omar Zaki
What software did you use for your original return? Some tax programs make amendments pretty straightforward if you still have access to your original filing.
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AstroAce
•This is good advice. I use ProSeries and it has an amendment wizard that basically walks you through the whole process step by step.
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Chloe Martin
After you send in the amendment, expect it to take 3-4 months minimum for processing. The IRS is really backed up with partnerships right now. If you need to prove to a lender that you've submitted an amendment before it's processed, make sure to keep detailed records of when you mailed it (certified mail with return receipt is best).
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Paolo Longo
One thing to keep in mind - if your depreciation correction results in a significant change to the partners' K-1s (especially if it affects their basis calculations), you might want to send a cover letter with your amendment explaining the impact. This is particularly important if any partners have already filed their individual returns using the incorrect K-1 information, as they may need to amend their personal returns too. Also, double-check that your depreciation method is consistent across all affected assets. Sometimes when people catch one depreciation error, there are others lurking that follow the same incorrect pattern.
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