In last snapshot compass in crafting recipe is not working, but if you want to craft it and put all ingridients in crafting table compass is working. So, you don't need to craft it at this point. Just simply put ingridients in crafting table, locate the direction and put your 4 iron ingots and 1 redstone dust back.
(Sorry for bad English. I tried my best to write it all right. I hope you understand me...)
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This is a duplicate of MC-8550. Fortunately, the recent fix of MC-116293 means that players can no longer use compasses/clocks without having the materials for them, but according to @unknown's comment here, it would be extremely difficult to also prevent players from viewing clocks/compasses in the crafting table output slot (without actually crafting them).