Yes, you should prepare an amended tax return, which you can do with TurboTax Premier. Click this link for instructions on how to file an amended return with TurboTax.
Follow the instructions carefully, you don't want to make changes until TurboTax has prompted you to do so. Once you are ready to make the change, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to begin entry of the Form 1041 Schedule K-1 you received.
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