I filed my taxes Friday, but today, received a 1041 Schedule K-1 form. I was told earlier that I wouldn't receive it until April. Do I need to correct my filings?

Schedule K-1 forms are not normally due until March 15th. It is a good idea to wait to file your return until you receive any expected Schedule K-1 forms in order to be able to file a complete and accurate return.

If there is any information on Schedule K-1 regarding gains, losses, or other tax items that apply to your return, and you have already filed, you should generally amend your return. 

Before you can file an amended return, the original return will need to have been processed by the IRS (refund issued / payment processed). 

There are times when you should amend your return and times when you shouldn't. Here are some common situations that call for an amendment:

• You realized you missed out on claiming a tax deduction or credit.
• You accidentally claimed the wrong tax filing status.
• You need to add or remove a dependent.
• You forgot to claim taxable income on your tax return.
• You realize you claimed an expense, deduction, or credit that you weren't eligible to claim.

See this article for more information on filing an amended return.

See this IRS webpage for a decision tool to complete in order to determine if you need to file an amended return.