IRS Form Schedule K-1

Form Schedule K-1: Partner's / Shareholder's Share of Income

A plain-English guide to IRS Form Schedule K-1 — what it's for, who files it, when it's due, and how to complete it.

Form numberSchedule K-1
Official namePartner's / Shareholder's Share of Income
CategoryBusiness
Typically dueWith the entity return (Mar 15)
Official IRS Form Schedule K-1 (PDF)

What is Form Schedule K-1?

Schedule K-1 reports each owner's share of income, deductions and credits from a partnership, S corporation or trust. Owners use it to report that share on their personal returns.

A K-1 is your slice of a partnership, S corp, or trust — income, deductions, and credits — that you carry onto your personal return, usually via Schedule E. Because it reflects your share of the entity's activity, you're taxed on that share even in a year the business distributed little or no cash to you.

UpTax prepares returns and forms like this with AI, then a US CPA or EA reviews every figure before anything is filed — accuracy first, hours saved second.

Who files it

Partners in a partnership, shareholders in an S corporation, and beneficiaries of trusts and estates.

When it's due

Form Schedule K-1 is generally due With the entity return (Mar 15). Deadlines can move for weekends and holidays, so confirm the exact date for the current year on IRS.gov.

Key lines and parts

Here's what you'll actually fill in on Form Schedule K-1:

  • Owner's share of ordinary business income
  • Rental, interest and dividend income
  • Deductions and credits
  • Capital account and ownership percentage

How to file

The entity prepares a K-1 for each owner. You carry the amounts to your 1040, usually via Schedule E.

Common mistakes & penalties

That cash-versus-taxable-income gap is the classic K-1 surprise: owing tax on "phantom income" you never received. K-1s also tend to arrive late, so build in time — and read every box, since items like Section 199A (QBI) info and foreign taxes are easy to overlook.
UpTax.AI

Let AI prepare this — your CPA reviews.

  • AI drafts 1040s & business returns
  • A US CPA/EA verifies every number
  • Your first 5 returns are free
Book a demo Watch the 2-min demo →

SOC 2 in progress

Frequently asked questions

What is IRS Form Schedule K-1?

Schedule K-1 reports each owner's share of income, deductions and credits from a partnership, S corporation or trust. Owners use it to report that share on their personal returns.

Who has to file Form Schedule K-1?

Partners in a partnership, shareholders in an S corporation, and beneficiaries of trusts and estates.

When is Form Schedule K-1 due?

Form Schedule K-1 is generally due With the entity return (Mar 15). Always confirm the current year's date on IRS.gov, since deadlines shift for weekends and holidays.

What's the most common mistake with Form Schedule K-1?

That cash-versus-taxable-income gap is the classic K-1 surprise: owing tax on "phantom income" you never received. K-1s also tend to arrive late, so build in time — and read every box, since items like Section 199A (QBI) info and foreign taxes are easy to overlook.