Fill out Schedule K-1 Form 1065 (Partner's Share of Income, Deductions, Credits) online
Schedule K-1 (Form 1065) reports each partner's share of income, deductions, credits, and other items from a partnership. Partnerships are pass-through entities that do not pay income tax themselves; instead, each partner reports their allocable share on their own tax return.
How to fill out Schedule K-1 Form 1065 (Partner's Share of Income, Deductions, Credits)
Identify the partnership and partner
Enter the partnership name, EIN, and address in Part I. Enter the partner's name, identifying number, and address in Part II. Indicate whether the partner is a general or limited partner and their profit/loss/capital sharing percentages.
Report the partner's share of income and loss
In Part III, enter the partner's distributive share of ordinary business income or loss, net rental real estate income or loss, other net rental income or loss, guaranteed payments, interest, dividends, royalties, and capital gains or losses.
Report deductions and credits
Enter the partner's share of Section 179 deduction, charitable contributions, investment interest expense, foreign taxes, and other deductions. Include any tax credits passed through from the partnership.
Report self-employment earnings and other items
Enter the partner's net earnings from self-employment, alternative minimum tax items, tax-exempt income, distributions, and any other information needed for the partner to properly complete their individual return.
About Schedule K-1 Form 1065 (Partner's Share of Income, Deductions, Credits)
Who needs this form
All partners in a partnership or members of a multi-member LLC taxed as a partnership. The partnership prepares a K-1 for each partner, who then uses it to report their share of partnership income and deductions on their individual, corporate, or trust tax return.
Where to submit
The partnership files Schedule K-1 with the IRS as part of Form 1065. Each partner receives a copy to use when preparing their own tax return. Partners do not file the K-1 separately but transfer the information to the appropriate lines on their return.
Source and content freshness
- Reviewed: 2026-02-24
- Filing deadlines may shift for weekends and holidays. Verify due dates with official instructions.
Common mistakes to avoid
- Partners not tracking their basis in the partnership, leading to incorrect loss deductions
- Confusing guaranteed payments (reported as ordinary income) with distributive shares of partnership income
- Not reporting self-employment income from the partnership on Schedule SE
- Failing to account for separately stated items that must be reported individually on the partner's return
Frequently asked questions
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Do I owe self-employment tax on partnership income?
General partners owe self-employment tax on their distributive share of ordinary trade or business income from the partnership, plus any guaranteed payments for services. Limited partners generally owe self-employment tax only on guaranteed payments for services, not on their distributive share of income. The self-employment tax is calculated on Schedule SE using the amounts from your K-1.
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