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Do I need to send amended K-1's to all members after amending a 1065?

eastexcpa
Level 2

I filed a final 2020 1065 recently that has 149 members.  Now one of the members wants the K-1's for two of its accounts changed to reflect a merger of the two accounts.  There would be no changes to the company's numbers or other information, and none of the other 147 members would have any changes to their K-1's.  If I amend the return, I know all K-1's will be marked as "Amended K-1" if printed.  My question to the community is this:  If I chose to amend the 1065, do I need to distribute the new amended K-1's to ALL members or just the two affected?  As an alternative, could I simply change the numbers for the two K-1's affected without formally amending the return?

Thank you!

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1 Best Answer

Accepted Solutions
eastexcpa
Level 2
5 Comments 5
sjrcpa
Level 15

Can you even amend it? Is it a BBA partnership requiring an Administrative Adjustment instead?

If it's a 2020 calendar year return you can do a superseding return.

I would just send out the changed K-1s. CAGMC.

The more I know, the more I don't know.
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eastexcpa
Level 2

I do not see a way to mark a 1065 return as superseding in ProSeries.  How do you do that?

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sjrcpa
Level 15

Print it and use a pen.

It needs to be paper filed.

The more I know, the more I don't know.
eastexcpa
Level 2

Thank you!

sjrcpa
Level 15

You're welcome.

The more I know, the more I don't know.
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