I got a K-1 schedule 1041 with a couple of small negative numbers. -$16 in box 5 and -$15 in box 8. That is all. Do I need to file it this year?

[2Zeph317]

Do I need to file a K-1 Schedule 1041 if the only numbers listed are small negative amounts less than $20?

[PatriciaV]

The IRS expects you to report all income. However, if those small losses will have little impact on your taxable income, you can choose to omit the K-1 entry. It's possible the IRS will adjust your taxable income for the unreported amounts when processing your return.