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goebusiness
New Member

My 18 year old who is a dependent received a k-1 (541) where he earned $1266 capital gains he has no other gains does he have to file? does that affect our EIC?

 
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Coleen3
Intuit Alumni

My 18 year old who is a dependent received a k-1 (541) where he earned $1266 capital gains he has no other gains does he have to file? does that affect our EIC?

Yes, he will have to file. The standard deduction for a dependent with unearned income is $1,100 (2019). No, you dependent's income is not entered on your return, so it will not interfere with your EIC.

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2 Replies
Coleen3
Intuit Alumni

My 18 year old who is a dependent received a k-1 (541) where he earned $1266 capital gains he has no other gains does he have to file? does that affect our EIC?

Yes, he will have to file. The standard deduction for a dependent with unearned income is $1,100 (2019). No, you dependent's income is not entered on your return, so it will not interfere with your EIC.

goebusiness
New Member

My 18 year old who is a dependent received a k-1 (541) where he earned $1266 capital gains he has no other gains does he have to file? does that affect our EIC?

Thanks

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