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Make Partnership Profits Simple with 1065 Schedule K 1

Form 1065 Schedule K 1 – for determining shares of partnership profits or losses

This post from PDFfiller takes a look at another important one for partnerships – Form 1065 Schedule K 1.

What is the purpose of Form 1065 Schedule K 1?

A partnership uses the 1065 Schedule K-1 to report each member’s share of the partnership’s income, deductions, credits, etc.

Who needs to file the Form?

There are three different 1065 Schedule K-1 forms. The different forms are associated with different types of entities. For example, there is a Schedule K-1 form for business partnerships (Schedule K-1, Form 1065), S-Corporations (Schedule K-1, Form 1120-S), and Trust and Estate Beneficiaries (Schedule K-I, Form 1041). When preparing the Schedule K-1, be sure that you are preparing the form associated with the entity type that you are dealing with.

How is the Form Completed?

The Form 1065Schedule K 1 is 2 pages. Page one of the form is divided into three parts:
• Part I – Information About The Partnership
• Part II – Information about The Partner
• Part III – Partner’s Share of Current Year Income, Deductions, Credits and Other Items.
Page 2 of the form identifies the different codes that could be used on the form.

While the K-1s for the various entities are slightly different, all of the K1s provide detailed information relating to income, deductions, or losses attributable to the recipient of the form.

For detailed information on how to complete the Schedule K-1 (Form 1065), refer to the IRS written instructions at the link below, or check out the following video:

Is the Form accompanied by other forms?

The Form 1065 Schedule K-1 is provided to the IRS with the Form 1065. It is also provided to each individual partner. The partner reports information from the Schedule K-1 on his or her individual tax return. Failure to report information from the Schedule K-1 on the individual tax return can result in substantial penalties for the recipient of the form.

When is the Form due to the IRS?

The 1065 Schedule K1 is for your records. Do not file it with your tax return unless you are specifically required to do so.