I filled our federal and state returns thinking we received everything. After filing, we received a K-1 in the mail. The amounts were insignificant, but I plugged in the figures on it into TurboTax just to see. The Step-By-Step stated the information did not effect our refund. Since the K-1 did not affect my returns, do I need to file amended returns?
If you do not amend the tax return, retain the K-1 information with your income tax files should you need to refer to the information at a later time.
If your return has been transmitted and accepted by the IRS, you may amend your Federal 1040 tax return.
If you used TurboTax Online, log in to your account and select Amend a return that was filed and accepted.
If you used the CD/download product, sign back into your return and select Amend a filed return.
See also this TurboTax Help.
If you do not amend the tax return, retain the K-1 information with your income tax files should you need to refer to the information at a later time.
If your return has been transmitted and accepted by the IRS, you may amend your Federal 1040 tax return.
If you used TurboTax Online, log in to your account and select Amend a return that was filed and accepted.
If you used the CD/download product, sign back into your return and select Amend a filed return.
See also this TurboTax Help.
Thanks for the information, but I'm not quite sure I understand. Are you saying it's up to me to amend the return or I definitely have to, despite the fact there was no change in the bottom line?
Regardless of whether or not the K-1 affected your refund or balance due, you should include the income on your return for accurate reporting.
Thanks for the reply. However, the question is doing I need to file an amended return or not. If I had received before I filed, I worldview included it.
You don't need to file the amended return since the information on the K-1 schedule did not affect your tax.