Schedule K-1 (Form 1065) is an IRS tax document used by partnerships to report each partner’s distributive share of income, deductions, credits, and other tax items for the tax year.
This page summarizes how Schedule K-1 works, who receives it, when it is issued, and how the information is used, based strictly on the official IRS instructions. The blank form itself is available below.
Download Schedule K-1 (Form 1065)
What Schedule K-1 (Form 1065) Is Used For
According to IRS instructions, Schedule K-1 is used to report each partner’s share of partnership items that must be included on the partner’s own tax return. Partnerships do not pay income tax at the entity level; instead, income and losses are passed through to partners.
A separate Schedule K-1 must be prepared for each partner for each tax year.
Who Receives Schedule K-1
Schedule K-1 (Form 1065) is issued to all partners of a partnership, including:
- General partners
- Limited partners
- Members of LLCs treated as partnerships for federal tax purposes
- Partners that are individuals, corporations, trusts, estates, or retirement plans
The form reflects each partner’s ownership interest and activity during the tax year.
When Schedule K-1 Is Issued
Schedule K-1 is issued after the partnership completes Form 1065, U.S. Return of Partnership Income.
For calendar-year partnerships, the due date for providing Schedule K-1 to partners is generally March 15. Partnerships using a fiscal year follow the due date based on their tax year end.
If a partnership files an extension, Schedule K-1 may be issued later. Corrected or amended Schedule K-1 forms may also be issued if changes are required.
Structure of Schedule K-1 (Form 1065)
IRS instructions divide Schedule K-1 into three main parts.
Part I — Information About the Partnership
- Partnership name, address, and Employer Identification Number (EIN)
- IRS center where Form 1065 was filed
- Publicly traded partnership (PTP) designation, if applicable
Part II — Information About the Partner
- Partner’s name, address, and taxpayer identification number
- Partner type (general, limited, or LLC member)
- Domestic or foreign partner status
- Partner’s share of profit, loss, and capital
- Partner’s share of liabilities
- Capital account analysis
Part III — Partner’s Share of Current Year Income, Deductions, Credits, and Other Items
- Ordinary business income or loss
- Rental real estate and other rental income or loss
- Guaranteed payments
- Interest, dividends, and royalties
- Capital gains and losses
- Credits and alternative minimum tax (AMT) items
- Foreign transactions and taxes
- Distributions and other required information
How Partners Use Information From Schedule K-1
Partners do not file Schedule K-1 separately with the IRS. Instead, the information reported on Schedule K-1 must be included on the partner’s own tax return, depending on the nature of each item.
The IRS instructions require partners to report Schedule K-1 amounts even if no cash distributions were received.
Current Tax Year and Revisions
Schedule K-1 is issued for a specific tax year. The current version applies to the partnership’s tax year reported on Form 1065. If changes occur after filing, partnerships may issue an amended Schedule K-1.
Related Guides
- When Do You Receive Schedule K-1?
- Schedule K-1 for LLC Members
- Schedule K-1 vs Schedule K-3
- What to Do If Schedule K-1 Is Issued Late
- Do You Need to File If Schedule K-1 Shows No Income?
Official Form
The official Schedule K-1 (Form 1065) template issued by the IRS is available here: