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Level 3
posted Apr 14, 2022 9:37:43 AM

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

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/L7pluHkoW

 

Thanks!

 

 

 

 

0 3 931
1 Best answer
Expert Alumni
Apr 14, 2022 10:02:32 AM

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.

3 Replies
Expert Alumni
Apr 14, 2022 10:02:32 AM

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.

Level 3
Apr 14, 2022 10:16:27 AM

Thanks!

 

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

Chart C—Other Situations When You Must File

New Member
Apr 14, 2022 10:30:03 AM

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]