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

Schedule K-1 (Form 1120-S): Shareholder'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 1120-S), tax year 2025, for each S corporation shareholder, or see where boxes 1–17 go on your 1040. Due March 15, 2027 for 2026.

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Form

Schedule K-1 (Form 1120-S)

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 1120-S) is for

Schedule K-1 (Form 1120-S) shows one shareholder's pro rata share of an S corporation's income, deductions, credits and other items. The corporation prepares one for every person who was a shareholder during the year, attaches copies to Form 1120-S and gives each shareholder theirs. The PDF on irs.gov today is the tax-year 2025 edition, and a 2026 draft of the Shareholder's Instructions is already on irs.gov's draft forms page. For calendar-year 2026, K-1s are due to shareholders by March 15, 2027, or September 15, 2027 if the corporation extended.

Schedule K-1 (Form 1120-S) deadlines, 2027 filing season

  1. S corporation gives each shareholder their 2026 K-1 (with Form 1120-S) Source: irs.gov

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

  3. K-1s due to shareholders if the corporation 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

  • S corporations filing Form 1120-S, one K-1 per shareholder
  • Shareholders who receive one and report the amounts on their own return
  • Trusts, estates and nominees that hold S corporation stock
  • Executors handling a deceased shareholder's K-1

What you need

  • The corporation's EIN, name, address and IRS center (or “e-file”)
  • Total shares outstanding at the beginning and end of the year
  • The shareholder's identifying number, name and address
  • Current-year allocation percentage and the shareholder's share count
  • Loans from the shareholder at the beginning and end of the year
  • The shareholder's pro rata share of each Schedule K item, including distributions

Line by line

How to fill out Form Schedule K-1 (Form 1120-S)

  1. 1

    Part I — The corporation (A–D)

    Enter the corporation's EIN, name and address. In C write “e-file” if the return is e-filed, otherwise the IRS service center. Enter total shares at the beginning and end of the year in D.

  2. 2

    Part II — The shareholder (E–I)

    Enter the shareholder's identifying number (E) and name and address (F1). If the shareholder is a disregarded entity, trust, estate or nominee, give the responsible party's TIN and name (F2) and the entity type (F3).

  3. 3

    Items G–I

    Enter the current-year allocation percentage (G), shares at the beginning and end of the year (H), and loans from the shareholder at the beginning and end of the year (I).

  4. 4

    Part III — Boxes 1–12

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

  5. 5

    Part III — Boxes 13–17

    Credits (13), Schedule K-3 checkbox (14), AMT items (15), items affecting shareholder basis (16, where code D is distributions) and other information (17). Codes go in the left column.

  6. 6

    If you received a K-1

    Per the Shareholder's Instructions, box 1 from a business you materially participated in goes on Schedule E, line 28, columns (i) or (k); box 4 on Form 1040, line 2b; box 5a on line 3b and 5b on line 3a; box 7 on Schedule D, line 5; box 8a on Schedule D, line 12.

Common Schedule K-1 (Form 1120-S) mistakes

  • Changing amounts on your copy of the K-1 instead of asking the corporation for a corrected one.
  • Reporting an item differently from the corporation's return without filing Form 8082.
  • Deducting losses beyond your stock and loan basis; the instructions point shareholders to Form 7203 to figure it.
  • Treating box 16, code D distributions as income: they reduce stock basis, and only the excess over basis is a capital gain.
  • Counting a loan you guaranteed as loan basis, which the instructions say it isn't unless you made a payment on it.

Where to send it

The corporation attaches a copy of each K-1 to Form 1120-S (e-filed or mailed per https://www.irs.gov/filing/where-to-file-your-taxes-for-form-1120-s) and gives each shareholder their copy by March 15, 2027 for calendar-year 2026, or September 15, 2027 if it filed Form 7004. Shareholders keep their K-1 and don't attach it unless box 13, code O reports backup withholding. The Shareholder's Instructions explain each box: https://www.irs.gov/pub/irs-pdf/i1120ssk.pdf.

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

Form Schedule K-1 (Form 1120-S): questions people ask

Which year is this K-1 for?

The PDF on irs.gov today is the 2025 Schedule K-1 (Form 1120-S), for tax years beginning in 2025. The 2026 form usually appears in December–January; a draft of the 2026 Shareholder's Instructions is already at irs.gov/draftforms.

Do I attach the K-1 to my return?

No, unless box 13, code O shows backup withholding. Keep it with your records; the corporation files its own copy with the IRS.

How do I figure my basis?

The Shareholder's Instructions say to generally use Form 7203 for stock and debt basis. Income increases basis; distributions, losses and nondeductible expenses reduce it, in the order the instructions list.

Are my distributions taxable?

Distributions in box 16, code D reduce your stock basis. If they exceed that basis, the excess is treated as a capital gain and reported on Form 8949 and Schedule D.

Why is only part of my SSN shown?

The corporation may truncate your identifying number on your copy for your protection; it reports the full number to the IRS. If you share your K-1 with a preparer, use a protected, expiring link.