Received Schedule K-1 after filing return. Do I need to amend?

[whc8488]

I filed and submitted 2022 tax last weekend. After, I received K-1 for one of the commodity ETFs I bought in 2022. I did not sell any, but I received dividends (1099-DIV) that I already reported. I just went through and inputted K-1 I received, and this resulted in getting a bit more refund/return than I was originally supposed to get.

My question is that I have never done amending the tax, and worry that it is too much hassle. Since this resulted in me receiving a bit more than before (not owing), I don't know if it is ok to not to amend? Is amend process complicated? What is the best option for me?

Thank you so much

[TeresaM]

If your return has been accepted, you can amend, or correct, your return if the original entries were incomplete. There is no additional charge to use Turbo Tax to amend your return but you will need to wait until the IRS finished processing the original return. You do not want two copies of your return there at the same time and sometimes they make adjustments. They might even catch the missing Schedule K-1, based on their copy of the form. Many, many people receive tax forms after they file, so the IRS is used to amendments for this reason. It is very normal for them. 

If you are going to receive additional refund, then there would not be any penalties for not filing the amendment but TurboTax will walk you through the steps. 

This is a TurboTax Help article with some Do's and Do nots of amending. 

[whc8488]

Thank you. Does it mean I wait completely till I receive a refund for both State and Federal, and after that, I submit again as amended? I was a bit confused about what process I needed to take to avoid " You do not want two copies of your return there at the same time and sometimes they make adjustments."

Thank you so much

[AnnetteB6]

Yes, the advice given is that you should wait until you have received a refund from both the originally filed Federal and state returns.  That way you are sure that the returns have been fully processed.

@whc8488