Schedule K-1 (Form 1065) may be reissued by a partnership if errors or changes are identified after the original form is provided to partners.
This page explains the difference between an amended and a corrected Schedule K-1, when each is used, and how partners should respond, based on official IRS instructions.
For a general explanation of Schedule K-1, see Schedule K-1 (Form 1065): Overview.
What a Corrected Schedule K-1 Means
A corrected Schedule K-1 is issued when the partnership identifies an error on the original form.
Common reasons for issuing a corrected Schedule K-1 include:
- Incorrect amounts reported
- Missing or inaccurate partner information
- Classification or allocation errors
A corrected Schedule K-1 replaces the original version and reflects the accurate information for the same tax year.
What an Amended Schedule K-1 Means
An amended Schedule K-1 is issued when changes occur after the partnership has already filed Form 1065 or when previously filed information must be updated.
This may happen when:
- The partnership files an amended Form 1065
- Additional income or deductions are discovered
- Allocations are revised after filing
An amended Schedule K-1 reflects updated tax information that differs from what was previously reported.
Key Differences Between Corrected and Amended Schedule K-1
- Corrected: Fixes errors on the original form
- Amended: Reflects changes after filing or additional information
- Corrected: Usually issued to replace inaccurate data
- Amended: May result from an amended partnership return
How Partners Should Handle a Corrected or Amended Schedule K-1
If you receive a corrected or amended Schedule K-1, you should compare it carefully to the original version.
If the changes affect amounts previously reported on your tax return, you may need to file an amended return.
The IRS instructions require partners to report the most accurate and current Schedule K-1 information available.
Do You Always Need to Amend Your Tax Return?
Not necessarily.
If the corrected or amended Schedule K-1 does not change reportable amounts, your tax return may not need to be updated.
However, any changes affecting income, deductions, credits, or other tax items should be reflected on your return.
Why Corrected and Amended Schedule K-1 Forms Are Common
Schedule K-1 reporting often depends on complex partnership calculations and information from multiple sources.
As a result, corrected or amended Schedule K-1 forms are common and do not automatically indicate an error by the partner.
Related Situations and Guides
- What to Do If Schedule K-1 Is Late
- When Do You Receive Schedule K-1?
- Do You Need to File If Schedule K-1 Shows No Income?
Official Form
The official Schedule K-1 (Form 1065) template issued by the IRS is available here: