It depends. Generally, only distributions in excess of basis are taxable. So as long as you invested more in the club than you have received, you don't pay tax. However, be sure you entered the K-1 information correctly and that you can verify the reported capital activity. Your records may be different than the reporting entity, but you should be able to identify the differences.
See IRS Pub 541 Partnership Distributions and Partnership Adjusted Basis
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