topic K1 filing with no income in Business & farm

K1 filing with no income

NS371 — Mon, 23 Feb 2026 13:35:36 GMT

My husband and I am limited partners in my son's LLC. It is set up that he owned 100% of the profit and losses, and 80% of the capital. My husband and I own 20% of the capital. In Turbo Tax, we allocate the income based on the profit. This creates a K1 for us that has no income on it. Do I have to record and account for this K-1 in my taxes?

Re: K1 filing with no income

Vanessa A — Thu, 02 Feb 2023 18:08:37 GMT

No, if there is no income or loss on the K-1, you would not be able to include it on your return. It would generate an error if you tried.

Re: K1 filing with no income

NS371 — Thu, 02 Feb 2023 18:18:47 GMT

Thanks for the response, but actually I don't get an error. It just lets me go thru it, line by line, entering 0. It's not a big deal, just a lot of questions to address if it's not needed.

Re: K1 filing with no income

Vanessa A — Thu, 02 Feb 2023 18:41:25 GMT

It is not needed.

Generally, the errors do not occur until you are ready to submit and it does the final check. Either way, you do not need to include it as it will not make a difference on your return since you have no income from it.

Re: K1 filing with no income

rob K — Mon, 17 Mar 2025 19:33:17 GMT

I have a similar situation involving an estate K1. Final distributions were made in 2023 and the cpa prepared and filed the final estate return in 2024. Due to an oversight by the estate attorney, it was not closed out by 12/31/24 so another return was prepared and filed in 2025 and K1s were issued with no income or loss. With nothing to declare either way, do I have to include this schedule in my 1040?

Re: K1 filing with no income

Mike9241 — Mon, 17 Mar 2025 19:37:28 GMT

No info on k-1 for 2024. No entry in TurboTax.