If you are involved in a business partnership, you know that the income from your business “passes through” the partnership and is taxed as your income. Yet the IRS still requires that partnership provide a detailed report of each partner’s share of that income or loss. This is where the Schedule K-1 comes in.
The Schedule K-1 is filed along with IRS Form 1065, detailing a partnership’s profit and losses. Schedule K-1 details how that profit or loss affects the individual partners. The partners in question should also receive copies of the Schedule K-1, in order to use that information with their individual income tax returns.
Get started filling out a Schedule K-1 online with PDFfiller now, or read up on the related Form 1065. If you need help filling out a K-1 to send to partners, see the video below:
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