received K-1 after 1040 filed and accepted. Do I need to file an amended return?

[RayW7 · Accepted solution]

Yes, if the income items on the Schedule K-1 are sufficiently large, they will generate additional taxes due on your individual return, which will require you to amend the return.

If you wait for a notice to be issued, it could result in penalties and interest being assessed in addition to the taxes due.

-follow this link for additional information-

How to Correct Federal Tax Returns - TurboTax Tax Tips ...

[Mike9241]

since you gave us no info about whether there is income or loss or whether it's active or passive, your 2020 tax bill might not change but there could be a substantial effect in future years when the interest is disposed of. 

[ToddR]

Thanks for your input. I have received a corrected 1099-B along with the K-1. The income for the K-1 is only $40.00 so I may amend anyway. Really appreciate the link. Thanks again.