Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc.
Schedule K-1 (Form 1065) reports each partner’s share of a partnership’s income, deductions, and credits for the year. Fill in the official IRS PDF below and download it.
This is the genuine IRS PDF, unmodified. Source: IRS official page.
What is Schedule K-1 (Form 1065)?
Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., is prepared by a partnership for each partner as part of its Form 1065 return. Because partnerships generally do not pay income tax themselves, the K-1 passes each partner’s share of ordinary business income, rental income, interest, dividends, capital gains, deductions, and credits through to that partner.
The form also carries partner-level details: the partner’s profit, loss, and capital percentages, capital account analysis, and share of liabilities. Partners use the amounts in the coded boxes, together with the K-1 instructions, to report the items on their own returns, often on Schedule E.
Who files Schedule K-1 (Form 1065)?
- Partnerships and multi-member LLCs preparing a K-1 for each partner with Form 1065
- General and limited partners who receive a K-1 and report its amounts on their returns
- LLC members taxed as partners in a partnership
- Estates or entities that hold a partnership interest and receive a K-1 for their share
How to fill out Schedule K-1 (Form 1065)
- Complete Part I with the partnership’s name, address, and employer identification number.
- Fill in Part II with the partner’s details: name, address, identifying number, partner type, and profit, loss, and capital percentages.
- Complete the capital account analysis and the partner’s share of liabilities where required.
- Enter the partner’s share of each income, deduction, and credit item in the coded boxes of Part III.
- File the K-1 with the partnership’s Form 1065, give a copy to the partner by the due date, and download the finished PDF for your records.
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Frequently asked questions
Do I attach my K-1 to my personal tax return?
Generally no. Individual partners keep the K-1 with their records and report the amounts on their return, commonly on Schedule E Part II. The partnership already files a copy of every K-1 with the IRS as part of Form 1065.
What if my K-1 arrives late or is wrong?
Contact the partnership first, since it issues corrections. If a corrected K-1 changes a return you already filed, you may need to amend with Form 1040-X. Many partners request a filing extension when K-1s tend to arrive close to the deadline.
Is a Form 1065 K-1 the same as an S corporation or trust K-1?
No. S corporations issue Schedule K-1 (Form 1120-S) and estates and trusts issue Schedule K-1 (Form 1041). The forms look similar but the boxes and rules differ, so use the instructions that match your K-1.