topic K1 No Income - Do I need to report? in Business & farm

K1 No Income - Do I need to report?

taylorquin124 — Tue, 04 Jun 2019 20:35:40 GMT

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?

No these do not need to be reported.

MichaelL1 — Tue, 04 Jun 2019 20:35:42 GMT

No these do not need to be reported.

How about loss profit, like -$20, do I need to report?

std35turbo — Tue, 04 Jun 2019 20:35:43 GMT

How about loss profit, like -$20, do I need to report?

All income needs to be reported --however all losses do n...

MichaelL1 — Tue, 04 Jun 2019 20:35:44 GMT

All income needs to be reported --however all losses do not have to be reported --As long as return is substantially correct.

Schedule K-1

sk5 — Mon, 09 Mar 2020 19:26:54 GMT

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

Re: Schedule K-1

MaryK4 — Tue, 10 Mar 2020 03:00:34 GMT

No, if there is no taxable income you do not have to amend.

@sk5

Re: Schedule K-1

KJM7 — Tue, 09 Mar 2021 23:41:53 GMT

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 ?

Re: Schedule K-1

npierson7 — Tue, 09 Mar 2021 23:54:14 GMT

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.

Re: Schedule K-1

KJM7 — Wed, 10 Mar 2021 00:14:16 GMT

so is it mandatory for me to report it or I can choose not to?

Re: Schedule K-1

PattiF — Wed, 10 Mar 2021 00:42:08 GMT

It is not mandatory that you report it. The IRS matches income, not negative income.

It would probably be to your benefit to include the loss since it would reduce your taxable income.

Here is a link to help in entering a K-1.

Re: Schedule K-1

goSuperTax — Mon, 15 Mar 2021 00:12:20 GMT

I sold my ETF - USO LP completely at loss.

My 1099-B correctly shows the loss amount, but my Schedule K-1 1065 are all empty and has just 0 amount from box 1 to 22 on the right side of the form. Except on the left side, in Capital account Analysis, it shows a positive number in line Capital contributed during the year and same number but in parenthesis in line Withdrawals & distributions, that specific dollar number is my cost basis.

1. Does this Schedule K-1 needs to be amended to show my final loss since I sold all shares and has a loss?

2. If I just correctly report my loss in form 8949 based on number found on 1099-B, do I still have to file the Schedule K-1?

Re: Schedule K-1

ReneeM7122 — Mon, 15 Mar 2021 19:27:52 GMT

Yes, the Schedule K-1 should be amended, and yes, you must enter in the K-1 and report the 1099-B using the basis and the loss info from the K-1.

Re: Schedule K-1

goSuperTax — Tue, 16 Mar 2021 15:28:57 GMT

Thanks Renee,

I contacted them, and they are saying as long as the transaction is correct (they mean Schedule K-1 Ownership Schedule page showing correct number of shares bought and sold and the final number of share is 0), there is no need to amend the Schedule K-1...

In the Page of Sales Schedule, my Schedule K-1 asks me to reference my own Form 8949 for Sales Proceeds which shows empty again on my Schedule K-1 Sales Schedule Page. And the Cumulative Adjustments to Basis are showing all 0, should I enter the adjustment myself and file the K-1?Sales Schedule

Main page

Re: Schedule K-1

ThomasM125 — Tue, 16 Mar 2021 21:38:59 GMT

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 do not need to make the K-1 entry in my opinion.

Re: Do I need to fill Schedule K-1 with no gain/ loss?

Bellegu — Mon, 22 Mar 2021 18:35:14 GMT

Hi Thomas,

I just have received my K-1 form from 2015 to 2019, which have never been filed in my previous tax returns. But they all have no gain or loss, do I need amend previous return to add my K-1 Form 1065?

Thanks,

Belle

Re: Do I need to fill Schedule K-1 with no gain/ loss?

ToddL99 — Mon, 22 Mar 2021 21:37:33 GMT

The IRS requires you to report your income, not "tax forms".

If you have K-1s that do not report any income, there is no reason to report them on your tax return - especially if they were prior year returns you would have to amend.

There may be favorable tax items on those K-1s that aren't obvious, but as long as you aren't missing any taxable income you don't need to enter them.

Re: Do I need to fill Schedule K-1 with no gain/ loss?

kkumi73 — Wed, 24 Mar 2021 05:27:38 GMT

The Schedule K-1 shown here came in after I have filled my 2019 return in 2020. It has losses in Part II and Part III. Do I have to amend my 2019 return?

Re: Do I need to fill Schedule K-1 with no gain/ loss?

JeffreyR77 — Thu, 25 Mar 2021 17:56:23 GMT

Filing an amended return to report losses reported on a K1 received after filing our tax return may result in a refund.

You are required to file an amended return to report all of your income.

You are not required to amend to report losses.

Re: Schedule K-1

Dluzon16 — Tue, 30 Mar 2021 04:01:19 GMT

What if it shows $1 for ordinary, interest income and long term gain?

do I still need to report it?

Re: Schedule K-1

JamesG1 — Tue, 30 Mar 2021 14:18:48 GMT

A Schedule K-1 is like a W-2 or 1099. K-1 information is reported to the IRS and the IRS will likely compare the information on the tax return that has been submitted against the information that the IRS received independently.

Would recommend that you report the K-1 information.