Father's earnings is less than $4000 in his K-1 and will be claimed as my dependent. Can I put both K-1's in my return or should he file a return for his k-1?

My father and I are business partners and we have schedule C K-1's. My father's earnings are less then $4000 and since he lives with me and I pay more than 50% of the expenses I plan to claim him as a dependent.

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Father's earnings is less than $4000 in his K-1 and will be claimed as my dependent. Can I put both K-1's in my return or should he file a return for his k-1?

You do not include your father's income on your tax return. If you provided more than half of his support and his total gross income is less than $4,050, you can claim him as a dependent.

He has to file his own tax return if his K-1 income is subject to self-employment tax, but must indicate on his return that he can be claimed as a dependent by someone else.

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Father's earnings is less than $4000 in his K-1 and will be claimed as my dependent. Can I put both K-1's in my return or should he file a return for his k-1?

You do not include your father's income on your tax return. If you provided more than half of his support and his total gross income is less than $4,050, you can claim him as a dependent.

He has to file his own tax return if his K-1 income is subject to self-employment tax, but must indicate on his return that he can be claimed as a dependent by someone else.

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Father's earnings is less than $4000 in his K-1 and will be claimed as my dependent. Can I put both K-1's in my return or should he file a return for his k-1?

How do I know if his K-1 income is subject to self employment tax? Thanks!

Father's earnings is less than $4000 in his K-1 and will be claimed as my dependent. Can I put both K-1's in my return or should he file a return for his k-1?

Is the K-1 from an LLC? is it rental income or other income?

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Father's earnings is less than $4000 in his K-1 and will be claimed as my dependent. Can I put both K-1's in my return or should he file a return for his k-1?

Yes, it is a K-1 from an LLC

Father's earnings is less than $4000 in his K-1 and will be claimed as my dependent. Can I put both K-1's in my return or should he file a return for his k-1?

If box 14 is filled, the income is subject to self-employment tax.

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Father's earnings is less than $4000 in his K-1 and will be claimed as my dependent. Can I put both K-1's in my return or should he file a return for his k-1?

Thank you very much! One last question. This year wasn't so good so the earnings were low. Reading more about the self-employment tax if it less than $400 do you recommend sending the tax return?

Father's earnings is less than $4000 in his K-1 and will be claimed as my dependent. Can I put both K-1's in my return or should he file a return for his k-1?

If self-employment income (not tax) is less than $400, self-employment tax is waived but not income tax if applicable. In your case, you said that his income is around $4,000, then he has to file a tax return and pay self-employment tax if box 14 is filled.

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Father's earnings is less than $4000 in his K-1 and will be claimed as my dependent. Can I put both K-1's in my return or should he file a return for his k-1?

Awesome! Thank you so much for your quick answers! This is our second year doing it so we are still getting the hang of it. Have a wonderful evening and a very good weekend!

Father's earnings is less than $4000 in his K-1 and will be claimed as my dependent. Can I put both K-1's in my return or should he file a return for his k-1?

You're welcome!

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