turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Do I need to report schedule k-1 for a dependant

I received a 1041 for my daughter age 4 and son age 2, the only box entered is 6 and the amount is less than required to report for minors on a W-2, I am assuming I don't need to enter this since there is no way to add my children to the schedule K-1 section.
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
ChristinaS
Expert Alumni

Do I need to report schedule k-1 for a dependant

This income would never be reported on your own tax return. However, this income is not treated as the equivalent of W2 income for the purposes of determining whether the child is required to file.

This income is treated as unearned income. If the dependent child has unearned income of just $1050, a tax return must be filed for the child. You would create an additional username to file his/her return, and indicate that he/she is being claimed as a dependent.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies