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This is in regards to a partnership tax return Form 1065 and…

This is in regards *****...
This is in regards ***** ***** partnership tax return Form 1065 and potentially amending it. The only reason for the amendment would be the distribution information on the K-1s was incorrect. Nothing on Form 1065 would change.
2 partners where there was $50k distributed to one partner and $0 to the other. On the K-1, it shows the distributions correctly in Part II box L for each partner. However, in box 19 it shows each partner receiving $25k each.
Each partner will receive the correct information and know about the situation for basis purposes. The question is whether to amend Form 1065 to reflect it or not.
Even looking at 1065x I don't see where you would change only the distribution amount on the individual K-1. Again, the distribution amount is correct on 1065 but the K-1 allocation is wrong only on box 19 of the K-1.
Does this 1065 return need to be amended?
Thanks much
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Customer reply replied 1 month ago
Just to add, if you think amended 1065 is needed, how would I do it? I don't even see a place to simply change the distribution detail on a K-1 on Form 1065X. Thanks much
Answered in 48 minutes by:
3/7/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,704
Experience: Taxes, Immigration, Labor Relations
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You will need to file an amended 1065 even there is no changes.

To do that - you will need to check box in the header "G" (5) Amended return

Then you will attache amended K1 - and will check box "Amended K-1" at the top.

make all required corrections on both forms - and mail to the IRS.

Issue amended K1 to each partner for individual tax purposes.

Let me know if you need any help.

Lev
Lev, Tax Advisor
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