Is an Amendment needed for an error on Stmt A-QBI?

Forum|Forum|4 years ago
October 13, 2021
2 replies
24 views

This may be more of an IRS question, but here goes. We have a small mistake on a Statement A-QBI for one of our S-Corps. Otherwise the return is correct. Is it necessary to amend the entire 1120S for this one small error? In my opinion it should be OK to just correct it manually on the 1040 K-1 Worksheet. However others in my office feel an amendment is needed. To me it seems like a lot of work to fix something that only shows up on the 1040 anyway. Either way, the 1040 taxpayer's tax liability remains the same.

Thoughts? Input?

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

Pretty quick and easy to correct and Efile the amendment for the 1120S

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

M

MelanieR53Author

Level 3

Easy to fix, but then to amend, you have to go thru the process of reprinting the return, saving it to the electronic file, and bothering the client to sign it again... all for a number that only changes the K-1 input on the 1040 and not the corporate return itself.

At the time, we were not e-filing corporates, but rather physically printing and having the client sign and mail them in. I really didn't see a reason to go thru the process of telling the client, Hey we goofed up, can you sign and mail a new copy, when the corp return itself doesn't even really change. I didn't see that it would cause a problem with the IRS to the point where we should go to all the extra time and trouble... especially during busy season. Seems easier to change the 199A statement internally and just input the correct number on the client's 1040.

Anyway, it's in the past now.

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