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My children all received a 1041 K-1 for 2016. They are all under 10 years old. There are numbers in boxes 11 and 14. Do I need to file taxes for them?
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My children all received a 1041 K-1 for 2016. They are all under 10 years old. There are numbers in boxes 11 and 14. Do I need to file taxes for them?
No. Since there is no income in boxes 1 through 8, they do not need to file a tax return unless they have income from other sources.
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My children all received a 1041 K-1 for 2016. They are all under 10 years old. There are numbers in boxes 11 and 14. Do I need to file taxes for them?
No. Since there is no income in boxes 1 through 8, they do not need to file a tax return unless they have income from other sources.
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My children all received a 1041 K-1 for 2016. They are all under 10 years old. There are numbers in boxes 11 and 14. Do I need to file taxes for them?
Thanks! They have no income. Is the long term carry over loss beneficial to them in any way?