Unrealized Losses in Schedule K-1

[_Love_]

Hello,

I have already filed my 2021 taxes via Premiere TurboTax and received my federal refund. I did not enter any information for Schedule K-1 because I didn't receive this document until now, after the filing. 

Do I only file the K-1 if I have realized losses?   My Schedule K-1 from a hedge fund reported ordinary losses for 2021.  I was assured by the fund that the losses were not realized losses but ordinary losses. So, I'm assuming I do not need to amend my 2021 tax filing because the losses were not realized, correct?

Thank you in advance.

[DavidD66]

Can you clarify your question?  What box(es) on the K-1 are your losses reported?  

[_Love_]

My losses are reported in box 1 and box 11.  Box 13 is also filled, but these are deductions.  I hope this clarifies my question.  Based on this additional information, do I need to amend my 2021 tax filing?  These losses I believe are unrealized losses.  Thank you.

[nexchap]

To make next year's taxes easier, you're going to want to use TT to amend your return regardless.  That's because the losses on the K-1 will carry over to next year, so updating this year's return will make them available when you start your 2022 return.

Once done, you can verify that your tax forms didn't change.  If they didn't (they won't if you just have losses), there's no need to file anything new with the IRS.