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.
The IRS has disallowed one or more of the credits claimed on your tax return. Learn about your options to address IRS notice CP79 from the experts at H&R Block.
Learn about the consequences you may face if you are self-employed and have unfiled returns. Get the facts from the tax experts at H&R Block.
If you did not have health care coverage, you may need to calculate your shared responsibility payment when filing your return. Learn more from H&R Block.
The discrepancy between your name and your Taxpayer Identification Number has been corrected. Learn more from the tax experts at H&R Block.