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If I have schedule K and only an income of $4 do I still need to report it?

 
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JaimeG
New Member

If I have schedule K and only an income of $4 do I still need to report it?

When one receives a document that reports income to the IRS it is always best to apply the reported income on your Tax Return, regardless of how little it may be. Not reporting or under-reporting income can lead to penalties and interest being applied to any additional amount you owe.

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1 Reply
JaimeG
New Member

If I have schedule K and only an income of $4 do I still need to report it?

When one receives a document that reports income to the IRS it is always best to apply the reported income on your Tax Return, regardless of how little it may be. Not reporting or under-reporting income can lead to penalties and interest being applied to any additional amount you owe.

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