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Sometimes it's embarrassing when you're asked a question and you don't have the answer...

My brother filed his return last month and recently received K-1s from several partnerships, including some he sold. It would be simpler if he could just file a "fresh" return as if the first return hadn't been filed. Somewhere in the recesses of my fading memory I recall that this might be acceptable since it's still before the filing deadline.

If not, he'll have to file an amended return, which will not be a trivial exercise considering the types of information on the K-1s and sales schedules.

So... can he just file another "new" return with a later filing date than the original return or will this create problems?

Ira
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So... can he just file another "new" return with a later filing date than the original return or will this create problems?

Actually this is the correct method before the original due date. Since it can't be filed electronically it has to be filed on paper, and when it tries to post it will bounce out to a human as a duplicate. By that time the data will have been transcribed, so it should be easy to resolve. In theory.

Returning to the rattleground of the mind, there's something in mine saying you should mark it "corrected" so the intervening human knows what happened. But I'm not sure about that.

Phil
Rule Your Retirement Home Fool
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I'll toss in one more almost worthless recollection that you are right on filing a corrected (rather than amended) return before April 15.

However, I've never done it. So I have no experience with that. And I'm not sure how it's that much easier than an amended return.

My explanation on the 1040X would be something like: The attached K-1s were received after the return was filed. Due to the pervasive changes, a complete corrected return is attached.

I HAVE done that before, and had no problems with the amended returns.

--Peter

PS - Besides, who has the time to correct a return before April 15 now?? ;-)
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PS - Besides, who has the time to correct a return before April 15 now?? ;-)

It's my brother's return. He prepares it himself. I'm just the reference resource.

Ira
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