Amended k-1 only Form 2023-2024

Amended k-1 only Form: What You Should Know

A penalty of 20% of the amount of each overpayment or underpayment, if any, determined on a dollar-for-dollar basis. If the person making the amended return is a partnership: A penalty of 5% of the amount of each overpayment or underpayment, if any, for the tax year in which the overpayment or underpayment became known. The penalties apply only to the amended return and not to the original return submitted to the IRS.  When the penalty is imposed, the partnership tax return is adjusted, but no new tax is assessed. (For more information on filing partnerships' returns, see: IRS Blog: Partnership Returns) Filing Form 8814 For tax years beginning on or after Jan 1, 2024 the IRS allows filing Form 8814 if a partner changed his income, type of income or type of property. If it is in a partnership income and/or capital gains can be reported as either or both. The form is used to amend the partnership return. Each partner should complete Schedule A (Form 8814) on which the partner has to complete Schedule K (Form 1065) with the amended return. The penalty is 20% of the amount of each overpayment or underpayment, if any, determined on a dollar-for-dollar basis. The amended return must be filed with the partnership tax return.

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