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i made 831 in self employment earnings on my schedule K-1, do I have to file a tax return?

3 Answers

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  • Yes. The filing requirement for self-employment is only $400. If this is your only income for 2013 the self-employment tax on $831 is $117. You won't owe any income tax.

    You won't get a 1099-MISC as one uninformed response claims since this was reported on a K-1 (I'm assuming it's from a partnership's 1065 return.) Nor do you need to file a W-9 as the partnership already knows your name, address, and SSN. Finally, you are not late as long as you file and pay what you owe by April 15, 2014.

  • 7 years ago

    If this is your only income, you have to file a tax return. You will not owe income tax, but you will owe self-employment tax on the self-employment earnings.

    If you have other self-employment activities which have a loss, and your net from all self-employment activities is $400 or less, you do not have to file a tax return, but the IRS may ask you for one anyway because of the K-1.

  • 7 years ago

    Yes, you'll need a misc-1099 form, and a w-9. Read the instructions at the bottom. You might need to do some other stuff, but that's off the top of my head.

    A little late too, you can expect a late fee.

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