When will I get my Schedule K-1 from the S corporation?

The corporation must give it to you on or before the day its Form 1120-S is required to be filed (for a calendar-year corporation's 2025 return, generally March 16, 2026, or September 15, 2026 if the corporation timely requested a six-month extension). If you haven't received it, contact the corporation.

Do I attach Schedule K-1 to my tax return?

Generally no. Keep it for your records and report your share on your return. File it with your return only if backup withholding is reported in box 13 with code O.

Why can't I deduct the full loss shown on my K-1?

The loss you can claim may be less than the K-1 shows. Generally it is limited to the basis of your stock and loans you made to the corporation (Form 7203), and then by the at-risk, passive activity and excess business loss limitations. Losses not allowed because of basis can be carried forward.

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

Ask the corporation for a corrected Schedule K-1 and don't change any items on your copy. If you can't reach an agreement, file Form 8082 with your return to explain the difference.

Schedule K-1 (Form 1120-S) 2025, Shareholder's Share of Income

Tax Forms Entity ReturnsFillable Schedule K-1 (Form 1120-S) 2025

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What is Schedule K-1 (Form 1120-S)?

Schedule K-1 (Form 1120-S), Shareholder's Share of Income, Deductions, Credits, etc., is the schedule an S corporation uses to report each shareholder's share of the corporation's income, deductions, credits, and other items. The corporation prepares it, not the shareholder: generally, it must prepare and give a Schedule K-1 to each person who was a shareholder at any time during the tax year and attach a copy of each to its Form 1120-S. Shareholders may be liable for tax on their share of the corporation's income whether or not it is distributed. Their share of S corporation income isn't self-employment income and isn't subject to self-employment tax. The form above is the 2025 revision, one page, OMB No. 1545-0123.

If you received a Schedule K-1 as a shareholder

Keep it. Keep Schedule K-1 for your records. Don't file it with your tax return unless backup withholding is reported in box 13 with code O; the corporation files a copy with the IRS.
Report your share. Include your share on your tax return if a return is required. The Shareholder's Instructions for Schedule K-1 (Form 1120-S) explain where each box goes.
Limits on losses. The loss and deduction you can claim may be less than the K-1 shows. You apply the basis, at-risk, passive activity and excess business loss limitations, in that order. Generally, losses are limited to the basis of your stock and loans you made to the corporation; you keep the records for your basis and should generally use Form 7203 to figure it. You must file Form 7203 if, for example, you claim a loss, receive a non-dividend distribution or dispose of stock.
Report it consistently. Generally, report the items the same way the corporation treated them. If your treatment is different, file Form 8082 with your original or amended return to explain it. Also file it if, by your return's due date (including extensions), the corporation hasn't filed its return or given you your K-1 and you have items to report. Don't use Form 8082 merely because a loss, deduction or credit is limited by law, such as under the at-risk or passive activity rules. Not filing a required Form 8082 can bring an accuracy-related penalty.
Errors. If you believe the corporation made an error, ask it for a corrected Schedule K-1 and don't change any items on your copy. If you can't reach an agreement with the corporation, file Form 8082.
Partial ID number. Your copy may show only the last four digits of your identifying number; the corporation has reported the complete number to the IRS.

How to read Schedule K-1 (Form 1120-S)

Schedule K-1 Form 1120-S Screenshot

Schedule K-1 Form 1120-S Screenshot 2

The corporation completes a Schedule K-1 for each shareholder. The 2025 schedule is one page:

Top: the tax year, and the "Final K-1" and "Amended K-1" boxes.
Part I, Information About the Corporation: the corporation's employer identification number (item A), name and address (B), the IRS center where it filed its return, or "e-file" if it filed electronically (C), and its total shares at the beginning and end of the tax year (D).
Part II, Information About the Shareholder: the shareholder's identifying number (E) and name and address (F1); if the shareholder of record is a disregarded entity, a trust, an estate, or a nominee or similar person, the person responsible for reporting the K-1 items (F2, with special rules for some trusts) and the shareholder type (F3); the current year allocation percentage (G), number of shares (H) and loans from the shareholder (I).
Part III, Shareholder's Share of Current Year Income, Deductions, Credits, and Other Items: boxes 1-19.

Items F2 and F3 first appeared on the 2024 schedule, so a 2023 K-1 blank does not have them.

Deadlines and rules for the S corporation

When shareholders get it. Schedule K-1 must be provided to each shareholder on or before the day Form 1120-S is required to be filed (for a calendar-year corporation's 2025 return, generally March 16, 2026, or September 15, 2026 if the corporation timely requested a six-month extension).
With the return. A copy of each Schedule K-1 is attached to the Form 1120-S filed with the IRS, and each shareholder gets a copy.
E-file. For returns filed on or after January 1, 2024, an S corporation that files 10 or more returns of any type during the calendar year must e-file Form 1120-S, unless a waiver or exemption applies.
Penalty. For a Schedule K-1 required to be furnished in 2026, each failure to furnish it to a shareholder when due, or to include all the required (and correct) information, can bring a $340 penalty per Schedule K-1. It rises to $680 or, if greater, 10% of the items required to be reported if the requirement is intentionally disregarded, and it isn't imposed if the corporation shows reasonable cause. If the failure isn't due to intentional disregard, correcting it within 30 days after the required furnishing date reduces the penalty to $60, and correcting it after that but by August 1, 2026, reduces it to $130.

Schedule K-1 (Form 1120-S) resources

Form Versions

2019 Fillable Schedule K-1 Form 1120-S (2019) Fill Out Form

2020 Fillable Schedule K-1 - Form 1120-S (2020) Fill Out Form

2021 Fillable Schedule K-1 - Form 1120-S (2021) Fill Out Form

2022 Fillable Schedule K-1 - Form 1120-S (2022) Fill Out Form

2023 Fillable Schedule K-1 - Form 1120-S (2023) Fill Out Form

2024 Fillable Schedule K-1 - Form 1120-S (2024) Fill Out Form

Schedule K-1 (Form 1120-S): frequently asked questions

When will I get my Schedule K-1 from the S corporation?

The corporation must give it to you on or before the day its Form 1120-S is required to be filed (for a calendar-year corporation's 2025 return, generally March 16, 2026, or September 15, 2026 if the corporation timely requested a six-month extension). If you haven't received it, contact the corporation.
Do I attach Schedule K-1 to my tax return?

Generally no. Keep it for your records and report your share on your return. File it with your return only if backup withholding is reported in box 13 with code O.
Is my K-1 income subject to self-employment tax?

No. Your share of S corporation income isn't self-employment income and isn't subject to self-employment tax.
Why can't I deduct the full loss shown on my K-1?

The loss you can claim may be less than the K-1 shows. Generally it is limited to the basis of your stock and loans you made to the corporation (Form 7203), and then by the at-risk, passive activity and excess business loss limitations. Losses not allowed because of basis can be carried forward.
My Schedule K-1 looks wrong. What do I do?

Ask the corporation for a corrected Schedule K-1 and don't change any items on your copy. If you can't reach an agreement, file Form 8082 with your return to explain the difference.

Schedule K-1 (Form 1120-S) 2025