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Old 04-29-2014, 12:14 PM
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Smile Amendment of Personal Joint Income Tax Return

Hi,

following situation I hope you guys can help me:
For the Tax Year of 2013 I had my personal income from my job and I filled a personal joint tax return together with my husband. We did not mention any business we owned at that point.
In 2013 we also started a company together as a LLC which did not make any profits in 2013. So we would like to amend our return and claim any refunds we would get since we had started a business where we put money in, but didn't see any revenue/income yet.
We are located in NJ.
Questions:
Should we amend on state and federal level?
Which Forms should we use in order to amend our return? I believe a LLC is seen as a partnership when it comes to taxes.
Any other help and tips we can get?
Thanks!!

Sincerely,
Virginia



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Old 04-29-2014, 09:23 PM
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Join Date: Oct 2010
Posts: 5,231
Quote:
Originally Posted by Virginia View Post
Hi,

following situation I hope you guys can help me:
For the Tax Year of 2013 I had my personal income from my job and I filled a personal joint tax return together with my husband. We did not mention any business we owned at that point.
In 2013 we also started a company together as a LLC which did not make any profits in 2013. So we would like to amend our return and claim any refunds we would get since we had started a business where we put money in, but didn't see any revenue/income yet.
We are located in NJ.
Questions:
#1;Should we amend on state and federal level?



#2;Which Forms should we use in order to amend our return?


#3; I believe a LLC is seen as a partnership when it comes to taxes.



#4;Any other help and tips we can get?
Thanks!!

Sincerely,
Virginia
#1;yes; as you discover an error on your federal income tax return after having already e-filed or mailed it, you may file an amended return using IRS Form 1040X;for your refund, generally,for your refund, you must file Form 1040X within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later.aslongas your 1040X affects your fed return you still need to file state amended return.i mean your state tax liability may be affected by a change made on your federal return. For information on how to correct your state tax return, contact your dept of rev of your state.Amended returns cannot be e-filed; you must submit a paper version


#2;1040X; To amend a MMLLC, get another Form 1065 and check box G(5) on page 1.


#3;In general yes;aslongas it is MMLLC and not treated as an S- C corp, then yes.If you may choose the LLC as a sort of SMLLC or sole mownership if you make your spouse an EE and issue him a W2 and you need to then file SCh C/SE for yourself.


#4; If it was a calculation error, don't worry. The IRS will find and correct it.If it was an error in your income, deductions, credits, or your filing status, you'll need to file an Amended Return.You need to attach a statement that identifies the line number of each amended item, the corrected amount or treatment of the item, and an explanation of the reasons for each change.If the SchK-1 on your MMLLC return is incorrect, or if the change to the 1065 causes a change in the information on the K-1, you need to prepare an amended K-1. Check the "Amended K-1" box on the top of the Sch K-1 to indicate that it has been amended.



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