How to Amend IRS Form 1065

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Internal Revenue Service Form 1065 is the U.S. Return of Partnership Income. A partnership must amend and re-file the return if it discovers an error on the original filing. The amendment can be filed on paper with Form 1065X, or electronically with an updated copy of Form 1065. Under certain circumstances, the IRS requires electronic filing of the original and, if necessary, the amended return.

Electronic Amendment

Normally, partnerships with at least 100 partners must file original and amended returns electronically, although any partnership can choose to file electronically. Complete a new copy of Form 1065 and check box G(5) to indicate an amended return. Attach a statement that specifies the line number of each amended item along with the corrected amount and explanation for the change. You must also amend and distribute Schedule K-1 of Form 1065 if incorrect information was provided to partners. You can file electronic returns and amendments on the IRS "e-file" system.

Paper-Filed Amended Returns

Use Form 1065X to file a paper amended return. The form provides columns to report original and corrected amounts, as well as the difference between the two. Attach supporting statements, schedules and forms that help to explain the discrepancies. Ensure that all attached documents list the partnership's employer identification number. If you include forms from previous-year tax returns, label them "Copy Only - Do Not Process."

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About the Author

Based in Greenville SC, Eric Bank has been writing business-related articles since 1985. He holds an M.B.A. from New York University and an M.S. in finance from DePaul University. You can see samples of his work at ericbank.com.

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