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Internal Revenue Service (IRS) · United States (federal)

Schedule K-1 (Form 1065): Partner's Share of Income, Deductions, Credits, etc.

Current revision: Tax year 2025 (checked on irs.gov, Oct 28, 2026)

Fill in Schedule K-1 (Form 1065), tax year 2025, for each partner, or find where each box goes on your Form 1040. Due to partners March 15, 2027 for 2026.

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Form

Schedule K-1 (Form 1065)

Issued by
Internal Revenue Service (IRS)
Applies in
United States (federal)
Edition
Tax year 2025

Official source

PDFBetter is not affiliated with, endorsed by or acting for Internal Revenue Service (IRS). We open the form from irs.gov, and you fill it in our editor. Check the issuer's instructions before you file.

What it is

What Form Schedule K-1 (Form 1065) is for

Schedule K-1 (Form 1065) shows one partner's share of a partnership's income, deductions, credits and other items. The partnership prepares one for each person who was a partner during the year, files copies with Form 1065 and gives each partner theirs. The PDF on irs.gov today is the tax-year 2025 edition; the 2026 version usually appears in December–January. For calendar-year 2026, K-1s are due to partners by March 15, 2027, or September 15, 2027 if the partnership extended.

Schedule K-1 (Form 1065) deadlines, 2027 filing season

  1. Partnership gives each partner their 2026 K-1 (with Form 1065) Source: irs.gov

  2. Partner's own 2026 Form 1040 that reports the K-1 amounts Source: irs.gov

  3. K-1s due to partners if the partnership filed Form 7004 Source: irs.gov

Dates already move past weekends and DC holidays, as the IRS rule says. Checked against irs.gov on October 28, 2026. See the full 2027 tax calendar.

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Who files it

  • Partnerships and multi-member LLCs filing Form 1065, one K-1 per partner
  • Partners who receive one and report the amounts on their own return
  • Executors who receive a deceased partner's K-1
  • Trusts, estates and entities that are partners in a partnership

What you need

  • The partnership's EIN, name and address and the IRS center where it files (or “e-file”)
  • The partner's SSN, ITIN or EIN (not a disregarded entity's TIN), name and address
  • Profit, loss and capital percentages at the beginning and end of the year
  • The partner's share of recourse, nonrecourse and qualified nonrecourse liabilities
  • Capital account activity on the tax-basis method
  • The partner's share of each Schedule K item from Form 1065

Line by line

How to fill out Form Schedule K-1 (Form 1065)

  1. 1

    Part I — The partnership (A–D)

    Enter the partnership's EIN, name and address. In C write “e-file” if the return is e-filed, otherwise the IRS service center. Check D for a publicly traded partnership.

  2. 2

    Part II — The partner (E–I2)

    Enter the partner's SSN, ITIN or EIN in E and their name and address in F. Check general or limited partner (G), domestic or foreign (H1), give a disregarded entity's name and TIN in H2, and the entity type in I1.

  3. 3

    Items J–N — Shares and capital

    Enter profit, loss and capital percentages (J), the share of liabilities (K1–K3), the capital account analysis on the tax-basis method (L), built-in gain property (M) and section 704(c) amounts (N).

  4. 4

    Part III — Boxes 1–13

    Ordinary business income (1), rental income (2–3), guaranteed payments (4a–4c), interest (5), dividends (6a–6c), royalties (7), capital gains (8–9c), section 1231 gain (10), other income (11), section 179 (12) and other deductions (13).

  5. 5

    Part III — Boxes 14–23

    Self-employment earnings (14), credits (15), Schedule K-3 checkbox (16), AMT items (17), tax-exempt income (18), distributions (19), other information (20) and foreign taxes (21). Codes go in the left column.

  6. 6

    If you received a K-1

    Per the Partner's Instructions, box 1 from a business you materially participated in goes on Schedule E, line 28, columns (i) or (k); box 5 on Form 1040, line 2b; box 6a on line 3b and 6b on line 3a; box 8 on Schedule D, line 5; box 9a on Schedule D, line 12; box 14 code A on Schedule SE.

Common Schedule K-1 (Form 1065) mistakes

  • Entering a disregarded entity's TIN in item E instead of the owner's SSN, ITIN or EIN.
  • Changing amounts on your copy of the K-1 instead of asking the partnership for a corrected K-1.
  • Reporting items differently from the partnership's return without filing Form 8082.
  • Deducting the full box 1 loss without first applying the basis, at-risk and passive activity limits.
  • Treating box 19 distributions as income: they generally reduce your basis instead.

Where to send it

The partnership attaches a copy of each K-1 to Form 1065 (e-filed or mailed per https://www.irs.gov/filing/where-to-file-your-taxes-for-form-1065) and gives each partner their copy by March 15, 2027 for calendar-year 2026, or September 15, 2027 if it filed Form 7004. Partners keep their K-1 and don't attach it to Form 1040 unless it reports backup withholding (box 15, code O). The Partner's Instructions explain each box: https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf.

Filing rules change. Confirm the address or portal on irs.gov before you send.

Form Schedule K-1 (Form 1065): questions people ask

Which year is this K-1 for?

The PDF on irs.gov today is the 2025 Schedule K-1 (Form 1065), for partnership years that begin in 2025. The 2026 version usually appears in December–January together with the new Form 1065.

Do I attach my K-1 to my Form 1040?

Generally no. The Partner's Instructions say to keep it for your records unless you're required to file it, for example when box 15, code O reports backup withholding.

My K-1 looks wrong. What should I do?

Ask the partnership for a corrected K-1 and don't change your copy. If you report an item differently from the partnership's return, you must file Form 8082 with your return.

Why does my K-1 show only the last four digits of my SSN?

The instructions allow the partnership to truncate your identifying number on your copy for your protection. It still reports your full number to the IRS.

Can my K-1 loss be less than box 1 shows?

Yes. You apply the basis, at-risk and passive activity limits yourself, so the loss you can deduct may be smaller than the amount reported. The Partner's Instructions include a basis worksheet.

Is it safe to send K-1s by link?

Each K-1 carries the partner's TIN. Send it through a password-protected link with an expiry date rather than as a plain email attachment.