Need I file an amendment after receiving a Sch K-1 showing a loss of income?

If you have already filed, you have to wait to see if your return is rejected or accepted.

 

If your return is rejected by the IRS, you can add that schedule K-1 and correct other errors, then re-file your return.

 

If your return is accepted, you'll need to amend your return to add the K-1. 

 

To amend your return, please follow the instructions in this TurboTax Help topic.

Thanks, but I don't want to go through all that work amending a long, detailed process.  Why?  Because my Sch K-1 showed a $55 dollar loss on ordinary business income.  Why Bother?