Level 4

1065 error

Forum|Forum|5 years ago
July 30, 2020
3 replies
22 views

I have a client who came to my office to amend form 1065. After checking and doing my "Due diligence" I found out that his partnership taxes for 2018 and 2019 were filed wrong as he ended his partnership on 2017. Now here my question.

If he already filed his tax return and made the mistake of filing it as 2 member LLC. when I know he should have filed as a sole proprietorship. How can I fix this. Just to mention that it was filed wrong for two years 2018 and 2019.

Thanks

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

How'd he file a 1065 if there was only 1 person?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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thegoodbrotherbrokersAuthor

Level 4

He kept the second partner one year with 0 % and the best year he used himself one with social and the second as a foreigner because he was told he have to file as partnership 1065

sjrcpa

Level 15

???

The more I know the more I don’t know.

George4Tacks

Level 15

Greetings New User - ,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support of the not so professional . If you are using a different product, include it in your post here.

Have a wonderful day!

Answers are easy. Questions are hard!

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thegoodbrotherbrokersAuthor

Level 4

Proseries Pro

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Terry53029

Intuit Community Champion

Sounds like your client prepared his own taxes, not that it changes anything. As I'm sure you are aware that you only have to file this years taxes correctly, and point out the error to client. He will decide if he is going to correct the errors. Don't know if this is correct, but if it were me I would amend the 1065 that ended the partnership, and mark it as final. I would then amend the 1040 for the incorrect years, by adding a schedule C and removing the K1 on 1040X, and explain the change. Just my 2 cents. 😁

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thegoodbrotherbrokersAuthor

Level 4

Perfect. I will do that. You earned.!

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