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jensen607
Level 2
May 4, 2022
Solved

Can I file an amended return electing Qualified Joint Venture status when the original was filed under taxpayer only?

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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TaxGuyBillAnswer
May 4, 2022

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).

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1 reply

TaxGuyBillAnswer
May 4, 2022

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).

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