K1 No Income - Do I need to report?

Forum|Forum|7 years ago
June 4, 2019
2 replies
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My son has dabbled in penny stock. He has two K1 forms with 0 profit, loss, captial, income, etc. Every line is zero. Do these forms need to be reported?

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MichaelL1

Level 15

No these do not need to be reported.

sk5

Level 2

I submitted my federal tax for 2019 and it was accepted.

I just receive a Schedule K-1 (form 1065) with $0 dollars of income/loss. Do I have to file an amended federal return?

Thank You,

Susan

npierson777

Level 10

Hi,

I just received a K1 (form 1065) a tax package from USO. I sold all my shares in 2020 with a loss. On the paper, it said $0 interest income, dividends, and negative number in Other income (loss). Basically, I did not make any profit and sold the stocks. Do I still have to fill the tax package or report this ?

Yes, you need to include Form K-1 to your tax return, even if there is no income. The loss form the partnership can offset your other income.

chamonix

Level 2

I traded UNG in 2022 so received schedule K-1.

I held UNG position for a couple of weeks and sold with a small profit.

However, at Box 8. Net Short-Term Capital Gain/loss, zero amount. Actually all boxes in Part III are empty.

2022 Sales Schedule lists unit sold, sale date, purchase price, cost basis

Transaction schedule lists buy and sell, end of year units is 0

I am confused if I need to report the short term gain, even though it is zero in Box 8?

I called the firm sent out the report, they asked to consult with Tax pro.

HopeS

Level 8

If the K-1 form does not show any income or loss and you report the gain/loss correctly on your form 1099-B entry, you might be ok excluding the K-1 from your return. However, if this is a Final K-1, you should include this in your return and indicate "Final" when prompted in the K-1 Interview.

Please review your Form 1099-B to see if it correctly reflects these sales.

@chamonix

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