Income of $1 is not significant. You could elect not to amend the return, or you can amend it so that you have a record of reporting the Schedule K-1.
Before you can file an amended return, the original return will need to have been processed by the IRS (refund issued / payment processed).
See here for more information on preparing an amended return with TurboTax.
There are times when you should amend your return and times when you shouldn't. Here are some common situations that call for an amendment:
- You realized you missed out on claiming a tax deduction or credit.
- You accidentally claimed the wrong tax filing status.
- You need to add or remove a dependent.
- You forgot to claim taxable income on your tax return.
- You realize you claimed an expense, deduction, or credit that you weren't eligible to claim.
See this article for more information on filing an amended return.
See this IRS webpage for a decision tool to complete in order to determine if you need to file an amended return.
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