If it is already reported on your tax return, you do not need to amend to add.
As a shareholder or partner, the K-1 is issued to you to report your portion of income and deductions. The 1099-B transaction will generate either a long term or short term capital gain or loss. The net gain or loss will show on line 7 of your Form 1040 along with a Schedule D and Form 8949.
Another way to verify is to enter the Schedule K-1 to see if the result creates any differences in the refund or tax due. Steps to amend in TurboTax
In amendment,
- At the right upper corner, in the search box , type in K1 and Enter
- Select the 1st choice on the search results - Jump to K1
- Follow prompts
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