The K-1 with all 0s won't affect your return, so the only advantage to entering it is as a record for your own files. The K-1 with values should be entered, since it will impact your return and the IRS will expect to see those values reported. Typically, any items that affect your basis will be summarized on a 'Sales Schedule', but if you didn't receive one: any items on the K-1 that increase your taxes (like interest where you didn't receive the cash) will increase your basis. Any items that lower your taxes also lower your basis. You'd adjust your basis in the 1099-B portion of the interview.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
