Form detail
IRS Form Schedule K-1 (Form 1065)
Partner's Share of Income, Deductions, Credits, etc.
Country
United States
Revision year
2024
Methods
paper, efile
Updated
2026-05-20
Partner's Share of Income, Deductions, Credits, etc.
Information statement issued by partnerships to each partner reporting that partner's distributive share of income, deductions, credits, and other items.
Who must file: Partnerships that file Form 1065 must issue Schedule K-1 to each partner. Similar K-1s exist for S corporations (Form 1120-S) and estates/trusts (Form 1041).
Practical overview
Partnership K-1s contain dozens of box codes that route to different parts of a partner's Form 1040. Foreign-partner withholding under IRC §§ 1446(a) and 1446(f) and the centralized partnership audit regime add another layer of complexity. Partners commonly miss basis and at-risk limitations and need to file Form 7203 (S corp) or maintain partner basis worksheets (partnerships) to validate loss deductibility.
Practical steps
- Reconcile each Part III box to the partnership's books and to the partner's beginning capital account (tax basis).
- Distinguish guaranteed payments, ordinary business income, separately-stated items, and Section 199A passthrough items.
- Track outside basis and at-risk basis to support deductible losses.
- Carry items to the appropriate lines of the partner's Form 1040 per the K-1 codes.
Due-date notes
Furnish K-1 to partner by the partnership return due date.
Timing: March 15 (calendar-year partnership)
Extension reference: Form 7004
Penalty snapshot
Failure to furnish K-1 penalties under IRC § 6722, plus partnership return penalties under IRC § 6698 for late or incomplete filings.
Related citations
Computed from the cross-reference graph. Links open the related entity on this site.
This entry cites
Cited by
Primary sources
- About Schedule K-1 (Form 1065)Verified 2026-05-20
- Partner's Instructions for Schedule K-1 (Form 1065)Verified 2026-05-20
Important disclaimer
This library is for general tax education only. Always verify filing obligations, due dates, and tax consequences against the cited primary source or with a qualified tax professional.