When will I get my Schedule K-1?

The partnership must give it to you on or before the day its return is required to be filed (for a calendar-year partnership's 2025 return, generally March 16, 2026, or September 15, 2026 if the partnership timely requested a six-month extension). If you haven't received it, contact the partnership. If you still don't have it when your own return is due (including extensions) and there are partnership items you must report, see the Instructions for Form 8082.

What do I do with my Schedule K-1?

Use it to report your share of the partnership's items on your tax return if a return is required, following the Partner's Instructions for Schedule K-1. Keep the K-1 itself for your records; don't file it with your return unless you are specifically required to. If the partnership hasn't elected out of the centralized partnership audit regime, report the items the same way the partnership did, or file Form 8082 to explain the difference. Not reporting an amount because a limit applies to you (such as the at-risk or passive activity rules) isn't inconsistent treatment. Do not file Form 8082 to report inconsistent treatment after the BBA partnership has received a notice of administrative proceeding.

How do I read a Schedule K-1?

Part I identifies the partnership, Part II identifies you and shows your share of profit, loss, capital and liabilities, and Part III (boxes 1-23) shows your share of the year's income, deductions, credits and other items. The Partner's Instructions for Schedule K-1 explain each box and code.

Who files Schedule K-1 with the IRS?

The partnership. It attaches a Schedule K-1 for each partner to its Form 1065 and gives each partner a copy. If you think your K-1 is wrong, ask the partnership for a corrected Schedule K-1 instead of changing your copy.

Schedule K-1 (Form 1065) 2025, Partner's Share of Income

Tax Forms Entity ReturnsFillable Schedule K-1 (Form 1065) 2025

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What is Schedule K-1 (Form 1065)?

Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc., is the schedule a partnership uses to report each partner's share of the partnership's income, deductions, credits, and other items. The partnership prepares it, not the partner: generally, the partnership must prepare and give a Schedule K-1 to each person who was a partner at any time during the year, and attach a copy of each to its Form 1065. Although the partnership generally isn't subject to income tax, partners may be liable for tax on their share of the partnership income, whether or not it is distributed. The form above is the 2025 revision, one page, OMB No. 1545-0123.

If you received a Schedule K-1 as a partner

Keep it. Keep Schedule K-1 for your records and don't file it with your tax return unless you are specifically required to do so; the partnership files a copy with the IRS.
Report your share. Include your share on your tax return if a return is required. The Partner's Instructions for Schedule K-1 explain where each box goes.
Report it consistently. If the partnership hasn't elected out of the centralized partnership audit regime, report the items the same way the partnership treated them. If your treatment is different, or the partnership was required to file a return but hasn't, file Form 8082 with your original or amended return. Not reporting an amount because a limit applies to you (such as the at-risk or passive activity rules) isn't inconsistent treatment. Do not file Form 8082 to report inconsistent treatment after the BBA partnership has received a notice of administrative proceeding.
Errors. If you believe the partnership made an error, notify the partnership and ask for a corrected Schedule K-1; don't change any items on your copy.
Partial ID number. Your copy may show only the last four digits of your identifying number; the partnership has reported the complete number to the IRS.

How to fill out Schedule K-1 (Form 1065)

schedule-k-1-form-1065

The partnership completes a Schedule K-1 for each partner (if a married couple each had an interest, a separate one for each spouse). 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 Partnership: the partnership's employer identification number (item A), name and address (B), the IRS center where the partnership filed its return, or "e-file" if it filed electronically (C), and the publicly traded partnership box (D).
Part II, Information About the Partner: the partner's SSN or TIN, name and address, partner type, the partner's share of profit, loss, and capital, share of liabilities, and the capital account analysis (items E-N).
Part III, Partner's Share of Current Year Income, Deductions, Credits, and Other Items: boxes 1-23.

Deadlines and rules for the partnership

When partners get it. Schedule K-1 must be provided to each partner on or before the day the partnership return is required to be filed (for a calendar-year partnership's 2025 return, generally March 16, 2026, or September 15, 2026 if the partnership timely requested a six-month extension).
E-file. Partnerships with more than 100 partners, or that file 10 or more returns of any type during the tax year, must file Form 1065 and the Schedules K-1 electronically, unless a waiver or exemption applies.
Penalty. For each Schedule K-1 not furnished to a partner when due, or furnished without all the required information (or with incorrect information), a $340 penalty may be imposed. Correcting the failure promptly can reduce the penalty; intentional disregard increases it.
LLCs. An LLC classified as a partnership for federal income tax purposes has the same filing requirements as a domestic partnership.

Schedule K-1 (Form 1065) resources

Form Versions

2018 Fillable Schedule K-1 Form 1065 (2018) year Fill Out Form

2019 Fillable Schedule K-1 Form 1065 (2019) year Fill Out Form

2020 Fillable Schedule K-1 Form 1065 (2020) year Fill Out Form

2022 Fillable Schedule K-1 Form 1065 (2022) year Fill Out Form

2023 Fillable Schedule K-1 Form 1065 (2023) year Fill Out Form

2024 Fillable Schedule K-1 Form 1065 (2024) year Fill Out Form

Schedule K-1 (Form 1065): frequently asked questions

When will I get my Schedule K-1?

The partnership must give it to you on or before the day its return is required to be filed (for a calendar-year partnership's 2025 return, generally March 16, 2026, or September 15, 2026 if the partnership timely requested a six-month extension). If you haven't received it, contact the partnership. If you still don't have it when your own return is due (including extensions) and there are partnership items you must report, see the Instructions for Form 8082.
What do I do with my Schedule K-1?

Use it to report your share of the partnership's items on your tax return if a return is required, following the Partner's Instructions for Schedule K-1. Keep the K-1 itself for your records; don't file it with your return unless you are specifically required to. If the partnership hasn't elected out of the centralized partnership audit regime, report the items the same way the partnership did, or file Form 8082 to explain the difference. Not reporting an amount because a limit applies to you (such as the at-risk or passive activity rules) isn't inconsistent treatment. Do not file Form 8082 to report inconsistent treatment after the BBA partnership has received a notice of administrative proceeding.
How do I read a Schedule K-1?

Part I identifies the partnership, Part II identifies you and shows your share of profit, loss, capital and liabilities, and Part III (boxes 1-23) shows your share of the year's income, deductions, credits and other items. The Partner's Instructions for Schedule K-1 explain each box and code.
Who files Schedule K-1 with the IRS?

The partnership. It attaches a Schedule K-1 for each partner to its Form 1065 and gives each partner a copy. If you think your K-1 is wrong, ask the partnership for a corrected Schedule K-1 instead of changing your copy.

Schedule K-1 (Form 1065) 2025