How to amend a k-1?

[neilbrink]

I was just notified that a K-1 individual on a Trust return has an incorrect social security listed for her.  How do we go about amending a K-1?  The Trust return has already been submitted and accepted by the IRS (and state).  Thanks.

 

[Catherine]

Trust has to amend the K-1, you can't do it.  There is still time for a newly-submitted return to supersede the previous return (assuming that dodge works for trusts as well as individuals) and the only change would be the incorrect ssn.  The trust can issue that corrected K-1 to your client immediately - even before submitting a paper amendment, if it has to be done that way.

What if they refuse, is the big question.  I'd include the K-1 information and disclose that it was issued with the wrong ssn and that the trust has refused to re-issue with corrected information for 2016.  

[neilbrink]

Sorry, I should have mentioned that I am the preparer for the Trust.

 

[Lee B]

Some years when the DPAD first came out, I omited the DPAD information from the K - 1s.

It was a simple fix to amend the 1120 S along with the corrected K - 1 s.

[neilbrink]

Can I just amend the K-1 and send it in, or do I have to complete the entire Form 1041 as an amended return?

[Abby Normal]

I've never had a situation where only the K1 Social Security number was wrong, but I'd just send in the amended K1 with a note. The IRS will probably just toss it thought because they gave up trying to match K1s to 1040s.