When you are amending your 2020 return to add the Schedule K-1 received from Form 1041, you will include it as other income and it will be reported on Schedule E page 2, or other forms in your return depending on the type of income reported on the Schedule K-1.
Schedule K-1s are issued by pass-through entities (partnerships, S corporations, estates, trusts, and LLCs). These entities don't pay income tax on the profits and losses that are "passed through" to their partners, owners, shareholders, or beneficiaries on Schedule K-1. The recipients then report the K-1 on their own personal tax returns.
Your K-1 may not arrive until March, April, or even later. This is because the pass-through entity needs to complete their tax return before they can distribute K-1s.
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If you already filed your return
If your e-filed return was already accepted or you already mailed your return in, you'll need to amend to add the K-1 to your tax return.
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Refer to the following link for additional information:
How to enter K-1 in your return if you have already filed
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