Received form 1065 K-1 and my income is less than standard deduction, do I need to file a return?

[frank112]

Hi,

1. I received form 1065 K-1, if my income is less than the standard deduction, do I need to file a return?
2. Which type of income requires the filing of a return irrespective of the standard deduction amount?

Referencing this https://turbotax.intuit.com/tax-tips/irs-tax-return/does-everyone-need-to-file-an-income-tax-return/...

Thanks!

[AliciaP1 · Accepted solution]

No, you do not have to file a tax return if you do not meet the qualifications here:

Do I need to file a federal return this year?

If your K-1 is from a Partnership (Form 1065) and has a number in box 14 over $400, then you have self-employment income in excess of $400.

[frank112]

Thanks!

Also, a good reference is https://www.irs.gov/pub/irs-pdf/i1040gi.pdf section,

Chart C—Other Situations When You Must File

[raxler]

Attached is (I hope the link works) the filing requirements from the IRS.  https://www.irs.gov/publications/p501#en_US_2021_publink[phone number removed]