Since the K-1 should have been reported on your personal return that you have already filed, filing an amended Form 1040X will correct your tax return. I will leave instructions below for filing an amended return in TurboTax. However, keep in mind that the actual Form 1040X for 2020 will not be ready to e-file until later this month. You will be able to e-file the form once it is ready and you have 3 years from the date you filed your return or 2 years after you paid the tax due (whichever is later) to file an amendment.
You will need to amend if you already mailed your return (or the government accepted your e-file) and:
- You need to report a tax form you forgot about or received post-filing (most commonly a W-2, 1099, or 1095-A, or in your case a K-1).
How to amend (change or correct) a return you already filed
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