I'm in a business partnership and I got my Schedule K-1 from my business partner. I think he claimed deductions for the LLC that aren't valid. Can I protect myself using Form 1040X to file an amendment and do I also need to complete Form 8082?
If you think there's an error, contact your partner and ask him for a corrected Schedule K-1 so you can file an amended return. Make sure he also sends the LLC’s corrected K-1 to the IRS.
Don’t file your return until you have received the corrected K-1. If you file before getting the new K-1, you must either:
- File using the information on the original K-1. Then, amend your return after you receive the corrected K-1.
- File using the information you believe to be correct. If the information differs from what’s on the K-1, you must also file Form 8082. Otherwise, you might be subject to an accuracy-related penalty.
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So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.