Do I file an amended return for oil and gas MLP that updated their K-1?

[user17752449788]

I filed federal and state taxes two days ago and received an updated K-1, yesterday.  The MLP changed the following values by less than 20% and each change was less than $500:

20T - Sustained Depletion - Working Interests
20T - Cost Depletion - Working Interests
20T - Sustained Depletion - Royalty Interests
20T - Cost Depletion - Royalty Interests

20T - Percentage Depletion in Excess of Cost Depletion - Royalty Interests
20T - Percentage Depletion in Excess of Basis
20V - Unrelated Business Taxable Income or Loss

Form 1040-X, items 1-15, 25 and 27 show 0 net change.  Besides Part II Explanation of Changes, I don' see any changes.  Do I need to amend the return?  Thanks.

[ReneV4 · Accepted solution]

Generally speaking, if a K-1 does not alter your Adjusted Gross Income (AGI), your deductions, or your ultimate tax liability, the IRS does not require you to file an amended return. A Form 1040-X is typically used only when there is a change to your taxable income, deductions, or the tax owed or refunded.

However, you should keep the K-1 with your 2025 tax records because, even though the minor changes do not affect your current year tax liability, the 20T and 20V adjustments may affect the tracking of your partner basis or suspended losses in the MLP. Therefore, you will need this updated basis information to accurately calculate your capital gains or losses when you eventually sell or dispose of your MLP units.