What should I do if I file my tax return and then later in the year receive a K-1 that lists 0's in all fields? Do I need to file an amended return or can I disregard the K-1?

“What should I do if I file my tax return and then later in the year receive a K-1 that lists 0's in all fields? Do I need to file an amended return or can I disregard the K-1?”-----> It depends; I assume that if you, as a partner, find that the Schedule K-1 contains an error with respect to your tax liability, then you should notify the partnership and have an amended Schedule K-1 prepared and filed with the IRS with a copy sent to the partner. You need to file an amended tax return as long as you need to correct your filing status, total income, tax deductions, or tax credits. You should not file an amended return if you are only correcting math errors, as the IRS computers will fix math errors automatically. Schedule K-1 is filed by partnerships on behalf of individual partners, not by the individual partners themselves. Copies of Schedule K-1 are normally distributed to each partner in order to ensure consistency between the tax liability reported to the IRS by the partnership and the tax liability reported by each individual partner. Although Schedule K-1 should not be included with an individual partner's income tax return, the IRS will compare Schedule K-1 with the partner's individual income tax return to ensure that there are no discrepancies.