After filing my 1040 EZ, I received a K1 on a $275 ETF I cashed out. Part III of the K-1 is mostly blank except for Box 11, which shows a loss of $25.and box 13 which has a K in it. Is it necessary to amend for a small loss like this? How do I amend a 1040EZ?
No, it is not necessary to amend at this point, as the loss will not impact your tax return. The code K deduction is subject to the 2% floor, meaning only amount over 2% of your Adjusted Gross Income will actually make a difference on your tax return. I highly doubt that the $25 amount exceeds the 2% of your AGI.
No, it is not necessary to amend at this point, as the loss will not impact your tax return. The code K deduction is subject to the 2% floor, meaning only amount over 2% of your Adjusted Gross Income will actually make a difference on your tax return. I highly doubt that the $25 amount exceeds the 2% of your AGI.