You can provide more details on exactly what is included on the K-1 you received.
If entry of the K-1 increases your federal or state tax liability, you will need to amend your return.
The K-1 is Beneficiary's Share on Income, Deductions, Credits
The following is included
on my K-1 in Box 11 there is: Final year deductions
11. A* 681
C 12
D 1,774
E 1,774
Other information
in Box 14: 14. B* 1
The box is checked for the final 1041 for the estate or trust
Nothing in any other of the boxes.
I am waiting for a K-1 (which is a worthless investment) and I want to file because of the Coronavirus checks. I know there will be no income, maybe a loss. Is it necessary to file an amended return.