Question

Rental BNB under 2 member LLC

Forum|Forum|5 years ago
March 11, 2021
1 reply
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I filed in 2019 under a C Schedule and now realize I did that in error. Am I right that I should do our regular 1040 and a 1065 for the LLC to issue a K-1 for each of us to the 1040 for 2020? If that is correct how do I correct my 2019 error of the C schedule?

Not A Product Question

D

DavidD66

If you filed a C-Corp Form 1120 for a multi-member LLC, you will need to amend that and file a Form 1065. To amend the 1120, you will just zero out everything, so that your new (amended) return will have zero income and zero expenses. You will then report everything on a Form 1065. This will generate Forms K-1 for each member, that will need to be reported on your personal tax returns; therefore, you will need to file amended personal returns so as to include the K-1s.

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