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October 19, 2023
Question

How to handle revised K1 from 2022 return

  • October 19, 2023
  • 1 reply
  • 0 views

my 2022 return included a K1, I now received a revision as the stated income on the original K1 was too high,

My income should have been 2500$ lower. Based on my marginal tax rate, there would be a tax relief of a few 100 dollars.  How do I best handle it. Can I wait until 2023 taxes, when I get again a K1 from the company and somehow include the 2022 revision? or do I file a amended tax return now for 2022?

thanks

    1 reply

    Rick19744
    Employee
    October 19, 2023

    If you received an amended K-1, the post is not clear, then you need to amend the 2022 tax return to claim any potential refund.

    *A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.
    Xian2Author
    October 19, 2023

    thanks Rick

    yes I got another K1 for 2022,  so will amend my taxreturn, I assume there is no issue doing it that late in the year..

     

    Rick19744
    Employee
    October 20, 2023

    No there is not.

    Welcome.

    *A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.