Question
Incorrectly listed partner expense reimbursements as partner distributions-How to fix when amending?
My spouse and I have a Consulting business and just a few clients. We have not taken any money out of the business since it is new except to reimburse ourselves for the business expenses we paid for out of our personal money as we were just starting out. I just realized that the reimbursements were listed as Distributions on our K-1 so it was saying we owed on our personal taxes. How do I correct this in the amended 1065 return and k-1's?
