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Received an amended k-1. When I updated/amended the K-1 info, the 1040-X shows $0 for everything in Column A. Help please!

Forum|Forum|2 years ago
January 15, 2024
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This week I received an amended K-1 for my 2020 return. That is the only thing I need to amend in my return. I clicked on the amend return option (2020 Desktop Version). I then selected the 2020 return that I filed in early 2021. I thought the only thing I needed to do was update the portion of the interview related to the K-1under Business Items>Schedules K-1, Q.

I completed the update, did an error check (no errors) and then printed the return. On the 1040-X there was nothing but $0 in column A. Does this mean I should have re-entered the entire return, including the corrections to the K-1? I thought Turbotax would have used the entires I made in 2020 that were unaffected by the K-1 amendment. Obviously I'm doing something wrong here but can't figure it out. Any help/pointers would be appreciated.

Best answer by VolvoGirl

If you don't see a button for Need to Amend a Filed Return? on your home screen then you can get to it here. Open your return and Go to:
Federal Taxes -or- Personal (for H&B)
Other Tax Situations
last section, Other Tax Forms
Amend A Return - Click the Start or Update button

How did you file the original return? Did you efile or mail it? You might have to tell the program it was filed. Don't know if you can still update the efile status now. But go though the original return, though the File tab and say you want to Mail it and then print it out so it thinks it was filed. That may let you amend it. Oh and be sure to save your original return with another name so the amended return doesn't overwrite it and you can start over if it gets messed up.

AmyC

Employee

You probably need to start with How do I cancel or undo an amended return in TurboTax Desktop? Next, please see how to amend a prior year.

When you started, hopefully you saved a copy of the original return with one name and then changed everything. You should be able to select to use the numbers from your return on your 1040X. The program likes verification since other things can happen - like the IRS changing numbers for you.

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B

BIllMc-5809Author

Thanks for the info/links. I did back-up my 2020 return. The only way I can get a screen that offers amending is if I click File>Start New Return

If I open the return I need to amend, there is nothing about amending offered (at least that I can find.)

If I choose the first option where start a new return, if I click on the amend option and answer the questions, none of the 2020 data appears in the 1040-x other than the "correction" that I entered.

I hope this makes sense. I was never offered the option to use the numbers from my original return.

Bill

VolvoGirlAnswer

Employee

If you don't see a button for Need to Amend a Filed Return? on your home screen then you can get to it here. Open your return and Go to:
Federal Taxes -or- Personal (for H&B)
Other Tax Situations
last section, Other Tax Forms
Amend A Return - Click the Start or Update button

How did you file the original return? Did you efile or mail it? You might have to tell the program it was filed. Don't know if you can still update the efile status now. But go though the original return, though the File tab and say you want to Mail it and then print it out so it thinks it was filed. That may let you amend it. Oh and be sure to save your original return with another name so the amended return doesn't overwrite it and you can start over if it gets messed up.