Comments for Should I Amend My 2009 Return?

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Jul 19, 2011
S Corp Taxes
by: Anonymous

S Corporation tax returns will generate what is called a K-1 for the owners. If your husband was the sole owner, he should have received a K-1 showing any income generated from the business.

If the total amount of money the business earned for the year was offset by expenses, the total income that would flow through the K-1 to your personal return will be less than the total amount of money earned for the year.

Did the personal return include the K-1 from the business? If not, then you should go ahead and amend to include any K-1 income. If yes, then you should already have claimed all the income you can.

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