You are correct that the K-1 applies to an amended return for the year 2018. Please review the K-1 to determine if an amended return is necessary.
- If there is significant income shown on the Schedule K-1, an amended return is recommended.
- If there are losses on the K-1, an amended return may result in lowering the 2018 tax. (It is not "required" but encouraged for you to receive this benefit.)
- If you elect not to amend, (if there is a significant tax increase), IRS may sent a letter proposing an adjustment.
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