Are there any suspended losses associated with the K-1? If there are, the only way to release them (and reduce your taxes) is to amend and check the "Partnership Ended" box. If there aren't any suspended losses, you can just delete the K-1 from your current return.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!