If you did not include the income from the Schedule K-1, you will have to amend you tax return.. See How to amend (change or correct) a return.
If your basis did not reduce below zero you do not have to report as income.
Line 16D - Property Distributions - This amount represents the property that was distributed to the taxpayer by the corporation. These distributions will reduce the basis in the taxpayer's stock in the corporation. If these distributions exceed the basis of the taxpayer's stock, the excess is treated as capital gain from the sale or exchange of property and is reported on Form 8949 and Schedule D (Form 1040).
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