USA Does the K-1 have to be amended?

[ChereCK]

A partnership files form 1065 and distributes K-1s to the only two owner/partners. The K-1s have the "limited partner" box checked instead of the "general partner" box. Does the 1065 get amended in its entirety, with the general partner and amended K-1 boxes checked? Or can the K-1s be amended separately? Or is it necessary at all?

 

[Werner Reisacher]

I would recommend that you amend your original 1065 filing and the K1-'s since you have actually 3 tax filings involved. (Partnership and the 2 partners 1040's.) Partial changes could easily lead to "letters of notice" from the IRS and you never know where that will lead you to.

 

[ChereCK]

Thank you very much.