Should I amend my return because of a Schedule K-1 form? Because I already filed the return before receiving the Schedule K-1. Also what's the penalty for not amending a tax return because of the Schedule K-1 because the amount is so little?
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It depends. If you have additional tax due, you will have interest on the additional amount due. You could also be due an additional refund. I would do the amendment to see what changes it makes.
If you want to make changes or add a document to a tax return that has already been submitted, you should follow these guidelines.
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