Thank you for your response. Just to be clear, if none of the following apply and the amounts on the K-1 are all under $100, do I just keep a copy of the K-1 with my tax records?
The dependent must file a return if any of the following apply.
- Their unearned income was over $1,100.
- Their earned income was over $12,400.
- Their gross income was more than the larger of—$1,100, or • Their earned income (up to $12,050) plus $350
- Other self employment income over $400, including box 7 of a 1099-MISC
