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Level 1
posted Jun 1, 2019 11:44:30 AM

Do I have to report schedule K1 if income is less than 10 usd

hi. I have multiple k1 forms. but all of them in aggregate and each one has an income of less than 10usd. do i have to report them individually

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1 Replies
Intuit Alumni
Jun 1, 2019 11:44:31 AM

You have to report all of your income.  However, if you are not required to file a tax return, then you would not have to enter them.  See the chart below to determine if you need to file a tax return this year.  If you are required to file then, unfortunately, you would need to enter each K-1 on your tax return.  The IRS has copies of all of your K-1s and they will expect them to be on your tax return if you are required to file a return.     https://ttlc.intuit.com/replies/3302274