Trying to determine if I need to amend subsequent years return

danintn
danintn Member Posts: 1 Newcomer
in Filing my taxes

Ill try to make this short: I received amended K-1 (s-corp) in 2023 for 2021 tax year (went from loss to gain). Amended 2021 taxes no issues. Doing 2024 taxes, I see in K-1 Worksheet that qbi numbers for passthrough and deductions are for 2022, 2023 reflect the original 2021 filing as those returns were done by before 2021 was amended. I did receive QBI deductions in 2022 and 2023…likely based on the original loss in 2021, and subsequent carryover? Do I need to refile 2022 and 2023 before doing 2024?

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Answers

  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 597

    Hi danintn,

    The QBI is reported on Form 8995. Since 2021 was amended to show a gain, your QBI loss carryover to 2022 was eliminated. In my opinion it would be a good idea to amend 2022 and 2023 to recalculate the amounts reported on Form 8995 and eliminate any QBI losses. This could result in a potential refund for 2022 and 2023 and get things straightened out for 2024.

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