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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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Was told by brother that I over paid on my taxes (for years).

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Was told by brother that I over paid on my taxes (for years). LLC gave distribution monies each year and apparently we did not need to claim this a an income. Is he correct? and if so How do I now go back and get my refund? I have used Turbo tax for years.Would this put me under scrunity from IRS?
Submitted: 6 years ago.
Category: Tax
Expert:  Lev replied 6 years ago.

If you have LLC with several members - it is treated as a partnership for tax purposes.

Partnership should issue schedules K-1 to each partner (and to the IRS) reporting pro-rata share of net taxable income/loss - - please verify which forms did you received from the LLC.

That form should be used for your individual tax preparation.

So - if LLC has an income - your share of such income is your taxable income.

If the LLS distributed part of your original contribution - that is not your taxable income.


If you overpaid your income tax - you may claim a refund, but please be aware that there is three years statute of limitation to claim a refund - starting from the date when the tax return was due.

Thus - the 2005 tax return was due on Apr 15, 2006 and the statute of limitation to claim a refund run out on Apr 15, 2009 - so you may not claim a refund for 2005.

You still may claim a refund for 2006, 2007, and 2008.

To do so - you need to file amended tax return - use the form 1040X -

File a separate form for each year and mail to the address in instructions -

Filing an amended tax return - if all information is correct will not put me under scrutiny from IRS.


Let me know if you need any help.


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