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How Do I Amend a Federal or State Partnership Return (Form 1065)?

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How Do I Amend a Federal or State Partnership Return (Form 1065)?

How to Amend a 1065 Partnership Return for Federal and State?

Solution Description

Form 1065

  1. From HomeBase select the return and from the File menu, select Client File Maintenance, and Copy/Backup to backup up the original return. (See How Do I Copy or Backup My Client Files Using ProSeries)
  2. Open the return that you want to amend.
  3. On Form 1065 p1-2, check box G(5) to indicate an amended return.
  4. Make the necessary changes to the return.
  5. Attach a statement that identifies the line number of each amended item, the corrected amount or treatment of the item, and an explanation of the reasons for each change. This statement should be mailed  with the amended return or attached as a PDF if efiling (current year or 2 years prior).
Note: Amended returns may be required to be e-filed if the taxpayer is required to file electronically. See Guidance for Amended Partnership Returns at the IRS web site.
Schedule K-1

If the amended return results in a change to income or the distribution of income or other information provided to a shareholder, an amended Schedule K-1 must also be filed and given to the shareholder. Ensure the Amended K-1 box is checked on each Schedule K-1 to indicate that it is amended.

Exception: If the partnership is filing an amended partnership return and the partnership is subject to the consolidated audit proceedings of sections 6221 through 6234, the tax matters partner must file Form 8082, Notice of Inconsistent Treatment or Administrative Adjustment Request (AAR). (Note: You answered Yes to Question 5 in Schedule B.)

State Returns

Amendments to the federal return may affect the state return. To amend the state return:

  1. Complete the amended federal return, then go to the state return. ProSeries will transfer the updated federal information to the state.
  2. Make any necessary state adjustments.
  3. Check the Tax Help and Government Instructions, or contact the state taxing authority for detailed information on amending the state return. To indicate an amended return, you may have to check a box on the main form or write Amended at the top of the form. You may also need to attach a statement of changes made to the return.Note: The originally filed state return is still attached to the original federal return in the original file.

Additional Information:

Note: Per the Government Instructions,Form 1065X is used if you are not filing electronically.  The 1065X will NOT populate until A or B has been marked in the Amended Return Smart Worksheet towards the top of the form.

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