Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
jbird604
New Member

If I received a K-1 Form 1065 with just a few dollars in each box, do I have to report this? Is there a threshold on K-1 income or capital before I must report it?

I tried copying the info from the K-1 1065 into TurboTax, but the K-1 has some boxes with info in them that doesn't match anything in the dropdown lists, best I can tell. Also, there seems to be some foreign income involved (again, just a few dollars, not more than $10 or so), and TT threw up a flag when I checked the return for errors, so I just deleted the K-1 entirely.  I got a consolidated 1099 from my broker (Edward Jones), and the L.P. in question seems to be included on that form anyway. My decimal share is very tiny, thus the very small figures in the boxes. Don't want to fool with this unless I have to, but don't want to leave something out if the IRS is going to come down on me for it!

1 Reply
IreneS
Intuit Alumni

If I received a K-1 Form 1065 with just a few dollars in each box, do I have to report this? Is there a threshold on K-1 income or capital before I must report it?

If the information from the K-1 is also included in your brokerage statement, you don't have to enter the K-1 info.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v