jensen607
Level 2
05-04-2022
06:22 AM
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It is for schedule F. Splitting the farm loss would help alleviate an excess contribution to the Taxpayer's solo 401(k) for 2021. The taxpayer also has a schedule C.
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TaxGuyBill
Level 15
05-04-2022
09:18 AM
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If it actually was a Qualified Joint Venture, yes, you can amend.
But be careful you are not misstating that it is a jointly owned business just to try to alleviate an excess contribution.
Also check if it was an LLC. If it was, the jointly owned business would need to file a Partnership return (unless it is in a Community Property State).
