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Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 704
Experience:  Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
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My daughter received a K-1 form from a business venture which

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My daughter received a K-1 form from a business venture which put her income over $5700 for the year. I had claimed her as a dependent. Must I now amend and remove her as a dependent and submit her taxes claiming herself as a deduction?
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If your daughter is under the age of 24 and she did not provide more than half of her own support, she would still be your dependent regardless of the additional K-1. However, if the income from the K-1 was used for your daughter's support and the additional income makes it so that she provided more than half of her support, you would need to amend your return to remove her dependency exemption.

There is a support worksheet in IRS Pub 501 page 20 that would be helpful for you to calculate the amount of support provided by your daughter. The IRS publication can be found at: http://www.irs.gov/pub/irs-pdf/p501.pdf

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