Can I file an amended return electing Qualified Joint Venture status when the original was filed under taxpayer only?

Forum|Forum|4 years ago
May 4, 2022
1 reply
8 views

It is for schedule F. Splitting the farm loss would help alleviate an excess contribution to the Taxpayer's solo 401(k) for 2021. The taxpayer also has a schedule C.

ProConnect Tax

This topic has been closed for replies.

Best answer by TaxGuyBill

If it actually was a Qualified Joint Venture, yes, you can amend.

But be careful you are not misstating that it is a jointly owned business just to try to alleviate an excess contribution.

Also check if it was an LLC. If it was, the jointly owned business would need to file a Partnership return (unless it is in a Community Property State).

T

TaxGuyBillAnswer

Level 15

If it actually was a Qualified Joint Venture, yes, you can amend.

But be careful you are not misstating that it is a jointly owned business just to try to alleviate an excess contribution.

Also check if it was an LLC. If it was, the jointly owned business would need to file a Partnership return (unless it is in a Community Property State).

Sign up

Login with SSO

Let's get you signed in

Login with SSO