Filing amended return

[Blonde Granny]

A limited partnership that I thought was long gone in 2012-2013 showed up yesterday ( K1) and I guess I need to file an amended return.

How long do I have to get that filed? Since I'm in uncharted waters with this, I plan to take this entire thing to an accountant and have that person do what is necessary.

[Ombud]

Final filing date for 2012 amended return is 4/18/16

[Blonde Granny]

Sorry , I should have been more detailed. The LP filed bankruptcy in 2012-2013, The last payment we received was 2-28-2013.

Now out of nowhere yesterday, I received a K1 for 2015.  It claims distributions in 2015 of $3,964.  The letter and K1 go on to say this will be your final K1.

So I guess this is income (unknown to me) that we somehow received in 2015 

[ArchietheDragon]

Mar 11, 2016 11:09:09 GMT -5 Blonde Granny said:

Sorry , I should have been more detailed. The LP filed bankruptcy in 2012-2013, The last payment we received was 2-28-2013.

Now out of nowhere yesterday, I received a K1 for 2015.  It claims distributions in 2015 of $3,964.  The letter and K1 go on to say this will be your final K1.

So I guess this is income (unknown to me) that we somehow received in 2015 

This is probably your share of debt that was written off during the bankruptcy. 


The taxes you owe are due by 4/15/16.  You can amend for 2015 up to 3 years after the due date ( so 4/15/2019).    You could always send the IRS $1000 for estimated taxes (so you don't get any penalty or interest) for this and let your CPA handle the amendment during the summer/fall  when they are less busy. 

[Blonde Granny]

I just got off the phone with Petroleum Development. Box 19 - Distribution C was $3964 .Box 1 Ordinary Income loss -27.

Running this through Turbo Tax show an additional refund of $5 for Federal and $6 for the state of Arkansas.  For $11 total, do I really need to fool with this? Sheeesh, a 29 page return to both for $11, it'll cost me that much to mail them. 

[ArchietheDragon]

Mar 11, 2016 11:20:43 GMT -5 Blonde Granny said:

I just got off the phone with Petroleum Development. Box 19 - Distribution C was $3964 .Box 1 Ordinary Income loss -27.

Running this through Turbo Tax show an additional refund of $5 for Federal and $6 for the state of Arkansas.  For $11 total, do I really need to fool with this? Sheeesh, a 29 page return to both for $11, it'll cost me that much to mail them. 

For $11 difference in tax I would not amend it.   Others may have a different opinion, though. 

[Blonde Granny]

I agree with you Archie, especially since it's a refund not tax that I owe.

[TheOtherMe]

I wouldn't do it, but realize that you may be contacted by the IRS when they match documents.

I do question how increasing your income by $3,000 can result in an additional refund?

[Blonde Granny]

It wasn't income, the person from PDC Energy said it was a final distribution to close the partnership (or something) that resulted in $ -27, therefore it caused an additional refund of $11 from the state and fed.

I still have a trip to the attorney to update my will and poa and whatever else I need to do.  I have a Trust that was established from my late husbands company back in 1982 , and it's perpetual and goes on ad infinitum until at some point the administrations of the trust finally decided to close it.......and I have to deal with that yet when I see the attorney.

Frankly, I don't have it in me to fuss with an amended tax return right now when I actually have 3 years to do it, and it's not as thought I actually owe them money.  Maybe I'll wait until this summer and then deal with it.

I just wish all this crap was over in my life right now.  Not a damn thing can be easy when you lose your spouse.

[Ombud]

Please don't take this as legal / accounting advice even though I do taxes for a living. It's just what I'd do: wait for the IRS letter regarding the correction. You'll get it eventually, maybe even with a credit. Let us know

You have too much real stuff to deal with than an unreported $27 loss

[Blonde Granny]

Thanks ombud, my thoughts exactly.

[TheOtherMe]

Mar 12, 2016 9:20:06 GMT -5 Blonde Granny said:

It wasn't income, the person from PDC Energy said it was a final distribution to close the partnership (or something) that resulted in $ -27, therefore it caused an additional refund of $11 from the state and fed.

Frankly, I don't have it in me to fuss with an amended tax return right now when I actually have 3 years to do it, and it's not as thought I actually owe them money.  Maybe I'll wait until this summer and then deal with it.

I just wish all this crap was over in my life right now.  Not a damn thing can be easy when you lose your spouse.

I'm so sorry BG. 

Yes, the IRS will send you a letter if you owe tax.  If you don't, you will never hear from them again on this issue.