Schedule K-1 (Form 1065) is issued by a partnership to report each partner’s share of income, deductions, credits, and other tax items for the tax year.
This page explains when partners typically receive Schedule K-1, what deadlines apply, and what to expect if the form is delayed or corrected, based on official IRS instructions.
For a general explanation of the form, see Schedule K-1 (Form 1065): Overview.
Standard Deadline for Receiving Schedule K-1
Schedule K-1 is issued after the partnership prepares and files Form 1065, U.S. Return of Partnership Income.
For partnerships that use a calendar tax year, Schedule K-1 is generally provided to partners by March 15 following the end of the tax year.
Partnerships that use a fiscal tax year must provide Schedule K-1 based on their specific tax year end.
Why Schedule K-1 Is Often Received Late
According to IRS instructions, Schedule K-1 may be issued later than expected for several reasons:
- The partnership files Form 1065 close to the deadline
- The partnership requests a filing extension
- Complex allocations or corrections are required
- Information from lower-tier partnerships is delayed
Because Schedule K-1 depends on the completion of Form 1065, partners often receive it later than other tax documents.
Receiving Schedule K-1 After a Filing Extension
If a partnership files for an extension, the deadline to issue Schedule K-1 is also extended.
In this case, partners may receive Schedule K-1 after March 15. This does not change the requirement to report the information once the form is received.
What to Do If You Have Not Received Schedule K-1
If you have not received your Schedule K-1 by the expected date, the IRS instructions recommend contacting the partnership directly.
Partners should not estimate Schedule K-1 amounts unless specifically advised by a tax professional. The correct information must be reported once the form is issued.
Corrected and Amended Schedule K-1
A partnership may issue a corrected or amended Schedule K-1 if errors are discovered after the original form is issued.
If you receive an amended Schedule K-1, you may need to update or amend your own tax return, depending on the changes reported.
Do You Have to Wait for Schedule K-1 to File?
In most cases, partners should wait to receive Schedule K-1 before filing their tax return, because the information on the form is required for accurate reporting.
If Schedule K-1 is delayed, partners may choose to file for an extension to avoid filing an incomplete or incorrect return.
Related Situations and Guides
- What to Do If Schedule K-1 Is Issued Late
- Do You Need to File If Schedule K-1 Shows No Income?
- Schedule K-1 for LLC Members
Official Form
If you need the official Schedule K-1 (Form 1065) template, you can access it here: