Received Amended 2022 and 2023 K1 (1065), how do I proceed with 2022 and 2023 amendments?

Forum|Forum|1 year ago
March 20, 2025
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This month (March 2025), I have received an amended 2022 and 2023 K1 (1065).

Amending 2022 using TurboTax is pretty straightforward but the 2022 amendment changed the following 2022 carryforwards to 2023!

1) Form 8582: Passive Activity Loss Limitations

2) Form 8995-A (Schedule C): QBI Loss Netting and Carryforward

3) Form 8801: Credit for prior year minimum tax

While amending 2023 taxes, it is easy to make amended 2023 K1 (1065) changes. But how do I adjust the 2022 carryforwards from (1), (2), (3) above in TurboTax? Since I already filed 2023 taxes, TurboTax can't go back and re-read the amended 2022 tax data and make the adjustments automatically. I am thinking that I have to make these changes manually.

But I am not sure how to go about making these adjustments in 2023 amendment along with adding amended 2023 K1 (1065) data. Please help!

Thanks!

TurboTax Premier Online

AmyC

Employee

Maybe. If it changes your 2023 for less than $25 of tax, the IRS would rather not deal with the hassle. You can if you want to or because you still have lots of time to file an amended for 23, it may be worth waiting to see if you get an amended k-1 for 2023.

Personally, unless it is a big refund, I would wait another year and see if you get an amended form or contact them to see if you should expect one. Then decide if you need to file.

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nMsVP4A9rzAuthor

Hi AmyC:

Thanks for your reply!!!

I updated my original post after reading your reply. Is it possible to take a look and provide any inputs you may have?

Thanks!

DianeW777

Once you have the updated K1 for 2023, you can make the manual adjustments by amending and then decide if you need to amend the 2023. Meanwhile you have two options.

File your 2024 tax return with the information you have from 2023.
Create the 2023 amended return for the corrected K1 then make the changes in your 2024 return before you file.

Your entry instructions for your changes noted in your question - these should carry to the appropriate forms from the K1 entry:

Form 8582 - The K1 will have a changed number which is what you will enter in the K1 (TurboTax will automate to the 8582)
Form 8995 - To include your QBID carryforward loss so that it is not lost you can use the steps below if you don't enter from your K1 (it should be on your K1 Box 20, Code Z, also known as Section 199A)
- Income and Expenses > Other Business Situations > Net Operating Loss/QBI Carryforward Loss
Form 8801 - Deductions and Credits > Estimated and Other Taxes Paid > Credit For AMT Paid in a Prior Year