Schedule K-1 (Form 1065) is often issued later than other tax documents. This is a common situation and does not necessarily indicate a problem.
This page explains why Schedule K-1 may be delayed, what partners should do if it is late, and how this affects tax filing, based on official IRS instructions.
For a general explanation of the form, see Schedule K-1 (Form 1065): Overview.
Why Schedule K-1 Is Commonly Issued Late
Schedule K-1 depends on the completion of Form 1065, U.S. Return of Partnership Income. Because of this, delays are common.
According to IRS instructions, Schedule K-1 may be issued late when:
- The partnership files Form 1065 close to the deadline
- The partnership requests an automatic filing extension
- The partnership has complex allocations or multiple partners
- Information from lower-tier partnerships is delayed
- Corrections are required after initial preparation
Does a Late Schedule K-1 Change Your Filing Obligations?
A delayed Schedule K-1 does not eliminate the requirement to report partnership income, losses, or other tax items.
Partners are still required to include Schedule K-1 information on their tax returns once the form is received.
Should You File Your Tax Return Without Schedule K-1?
In most cases, partners should not file their tax return without Schedule K-1.
Because Schedule K-1 contains detailed and specific information, filing without it may result in incorrect reporting and the need to amend the return later.
Filing an Extension When Schedule K-1 Is Late
If Schedule K-1 has not been issued by the time you are ready to file your tax return, the IRS allows partners to file an extension.
Filing an extension gives additional time to receive Schedule K-1 and report the correct information.
An extension to file does not extend the time to pay any tax owed.
What to Do After You Receive a Late Schedule K-1
Once Schedule K-1 is received, partners should carefully review all reported items.
If Schedule K-1 arrives after a tax return has already been filed, partners may need to file an amended return, depending on the information reported.
Corrected and Amended Schedule K-1
A partnership may issue a corrected or amended Schedule K-1 if errors are identified after the original form is issued.
Partners who receive an amended Schedule K-1 should compare it to the original version and determine whether changes affect their tax return.
Key Points to Remember
- Late Schedule K-1 forms are common
- Partners should not ignore delayed forms
- Filing an extension is often the safest option
- Amended Schedule K-1 may require updating a tax return
Related Situations and Guides
- When Do You Receive Schedule K-1?
- Do You Need to File If Schedule K-1 Shows No Income?
- Schedule K-1 for LLC Members
Official Form
The official Schedule K-1 (Form 1065) template issued by the IRS is available here: