I received a schedule K-1 with an incorrect code for box 11 or other portfolio income. Do I need to have this corrected even though I already filed my tax return?

ANSWER

The BIDaWIZ Team's Answer:

First, you will need to be issued a corrected Schedule K-1 form if in fact the wrong code was used in box 11. You will need to file an amended Form 1040X as the Schedule E that you used was likely incorrect. Specifically, Part II of your form Schedule K-1 will need to reflect the proper income from box 11 and the respective code A-F.