I just received a schedule K-1 from DBA it is a agriculture ETF. I did not sell this ETF this year. It says I have a net income of 37 dollars. Since I didn't sell, this shouldn't need to be reported correct? Should I call DBA? Do I need to file a amended return?
ALL K-1 forms must be reported on the income tax return so going forward WAIT for this form to come in the mail before you file. HOWEVER since the amount is so small you could not amend the return and wait to see if the IRS says anything about it in the future.
A Schedule K-1 is a tax document used to report the incomes, losses, and dividends of a business's partners or an S corporation's shareholders. The Schedule K-1 document is prepared for each individual partner and is included with the partner's personal tax return.