IRS K-1 after filing tax

[JHZR2]

Hello,

I became a unitholder of a few MLPs this year. We filed our taxes, and since then I've gotten K-1 forms. Not huge amounts of money and I haven't really given them a hard look for distributions vs return of capital and all the rest.

Question is, assuming there was some gain, is there a threshold dollar value for which I do/don't need to submit/pay taxes? If I do, how do I go about doing the resubmission? Just send the whole package, less w-2 and whatnot to them? Is there an addendum form? Since it is before 15 April, I assume I'm ok, right? I did get a tax refund already...

Thanks!

 

[dwendt44]

1040X is the amended/amending form.

Run your taxes with the new information and compare to the file copy for last year. If there's a difference, even a few dollars, fill out the 1040X and send in the money.
I don't think there is a 'threshold' as such. If the taxes due are over a dollar or two, you're better off doing the work to amend.

My 2¢

 

[Drew99GT]

Yup, you'll need to do an amended return. If you don't, you'll run the risk of getting audited. The IRS received (or should have) the K-1 (and the 1065) as well, so they'll be waiting for it.

 

[Turk]

An Internet search brought me to this old thread...

DANG!! I got 3 K-1's and my taxes are already filed.

It only changed it by several dollars. It looks like amended returns are audited more than regular filing.

I don't know if I should file the amendment or not??

Ugh.

 

[HTSS_TR]

IRS doesn't bother to audit a return with few dollars in error, it costs them more than that to do audit so they usually let it goes.

 

[Dave Hess]

I almost forgot the K-1 for my LINE and ETP.

The IRS probably won't bother you.

 

[Nick R]

I think there is a $400 threshold. According to what I read I didn't need to file with a 1099 or anything from google for my adsense account for my youtube videos as I made less than $400 in that tax year from them.

 

[Turk]

Originally Posted By: LT4 Vette
I almost forgot the K-1 for my LINE and ETP.

The IRS probably won't bother you.


Yea, it's a $5 difference.

I updated my TurboTax, saved it and am leaving it alone.