My new customers (MFJ) are passive limited partners with their son-in-law in a number of store-front hair care businesses.
They have received K-1's for each business yearly for over 20+ years. Their former tax preparer has retired.
New accounting firm for the partnerships just provided the 2023 K-1's but also provided amended 2021 & 2022 K-1's.
The two prior amended years now show greater net losses than appeared on the original K-1's.
Since the 2023 "E" & 8582 forms will show a net loss to be carried forward based at least in part from the larger loss carryforwards
from the amended years, are the taxpayers required to amend their 1040 "E" & 8582 for 2021 & 2022 to reflect the amended figures
even though no net income will appear?
Thanks for comments.
They have received K-1's for each business yearly for over 20+ years. Their former tax preparer has retired.
New accounting firm for the partnerships just provided the 2023 K-1's but also provided amended 2021 & 2022 K-1's.
The two prior amended years now show greater net losses than appeared on the original K-1's.
Since the 2023 "E" & 8582 forms will show a net loss to be carried forward based at least in part from the larger loss carryforwards
from the amended years, are the taxpayers required to amend their 1040 "E" & 8582 for 2021 & 2022 to reflect the amended figures
even though no net income will appear?
Thanks for comments.
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