| There may be some activity that is reported on the K-1 and I strongly suggest that you include this reportable activity on the amended tax return.
I am not sure whether or not you would receive any personal tax benefit. However, I suspect that there may a loss on the S corporation stemming from the expensing of the Start-up Business Expense (Cost of Start the Corporation) along with any other business related expenses that you incurred in 2008.
Irrespective of the amount of K-1 Activity, you should file an amended tax return to avoid possible IRS penalties! |