Solved
schedule k-1
my son received a schedule K-1 with only $1.00 listed under other income and no losses. Does it need to be reported?
The IRS requires you to report all your income, no matter how small.
If you fail to report this K-1 (or any other reported income), the IRS may send you an automated Notice of Proposed Increase in Taxes later this year. For $1 of unreported income, this is highly unlikely.
They will calculate the tax due (plus interest and penalties) and you can send them a check. No amended return is necessary, so you won't have to upgrade or file a return that would otherwise be unnecessary.
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