As the title states, I already filed our Federal and State 2023 return and my wife received a K1 today. I had to mail the returns as I had to include a form that was not eFile allowed (Form 4852). The returns were mailed out last week on 3/7/24. This morning, my wife informed me that she received an email from her CFO that included her 2023 K1 Tax Estimate. She joined this company last September and was awarded a small percentage of equity in the company.
She/I should have anticipated a K1 but it wasn't on my radar when preparing taxes this year as we have never had to deal with K1s before. So I now have to figure out how to enter the K1 data into FreeTaxUSA and then how/when to amend our returns. Based on the K1 data I have entered, it shows us owing $1,709 for Federal and $6. I need to double check these figures as I am not confident I entered everything correctly.
I have never had to file an amended return before so here my questions:
1. Since I had to file by paper/mail, when should I attempt to amend? Do I wait for our return to process (i.e. receive a refund) and then submit an amended return? I suspect this could be several weeks/months given I had to paper file and potentially because I had to file Form 4852 (I don't know how or if this form adds additional time/complexity). Or should I send in a new return immediately?
2. Since I filed by paper originally, do I need to file by paper again and include all of the original forms, W2s, etc. plus the new K1 form? Or, can I efile - or mail - just new/changed information to show the change from my original filing?
Thanks.
She/I should have anticipated a K1 but it wasn't on my radar when preparing taxes this year as we have never had to deal with K1s before. So I now have to figure out how to enter the K1 data into FreeTaxUSA and then how/when to amend our returns. Based on the K1 data I have entered, it shows us owing $1,709 for Federal and $6. I need to double check these figures as I am not confident I entered everything correctly.
I have never had to file an amended return before so here my questions:
1. Since I had to file by paper/mail, when should I attempt to amend? Do I wait for our return to process (i.e. receive a refund) and then submit an amended return? I suspect this could be several weeks/months given I had to paper file and potentially because I had to file Form 4852 (I don't know how or if this form adds additional time/complexity). Or should I send in a new return immediately?
2. Since I filed by paper originally, do I need to file by paper again and include all of the original forms, W2s, etc. plus the new K1 form? Or, can I efile - or mail - just new/changed information to show the change from my original filing?
Thanks.
Statistics: Posted by BuckeyeAaron — Wed Mar 13, 2024 8:19 am — Replies 1 — Views 48