Hi. I e-filed my return last week, but this week I received a Schedule K-1 from Fundrise. When I input the form in TurboTax it didn't change my Federal or State tax due. Do I need to bother submitting an amended return?
Profit-Loss-Capitol
Started at 0.000000%
Ended at 0.0000976 %
Capital contributed during the year
$84
Partner’s Share of Net Unrecognized Section
Started at $0
Ended at $1
No, since the additional K-1 does not have any reportable income on it you do not need to amend your returns.
I had an almost similar question.
I forgot to add my K-1 forms. But they include "No reportable Income" & I was wondering if I needed to amend my return.
Save a copy of your original filed return, and amend your return including the K-1's. If there's no change to the bottom line, you don't need to amend, unless you are concerned about reporting. Save the forms for your records if needed.
Here's more info on Do I Need to Amend? You have up to three years to amend a return.