Form 1065 Schedule K-1 - Partner Share Of Income Deductions Credits

Schedule K-1 is a form used to report a partner's share of income, deductions, credits, and other tax-related items from a partnership. It is prepared by the partnership and provided to each partner, who then uses the information to report their share of the partnership's income on their individual tax return.

What is Schedule K-1 used for?

• Reporting a partner's share of income, deductions, credits, and other tax-related items from a partnership.
• Providing partners with the necessary information to report their share of the partnership's income on their individual tax return.

Key Components of Schedule K-1

• Partner's Information: Identifying information about the partner, including their name, address, and tax identification number.
• Partner's Share of Income, Deductions, Credits: A detailed breakdown of the partner's share of the partnership's income, deductions, credits, and other tax-related items.
• Self-Employment Tax: Information about the partner's self-employment tax liability, if applicable.

Instructions on how to enter Schedule K-1 and K-3 for Form 1065.