Reviewed by Lea D. UraduFact checked by Jared EckerReviewed by Lea D. UraduFact checked by Jared Ecker What Is Schedule K-1?

The Internal Revenue Service threw a late curveball at tax professionals scrambling to meet the April 15 deadline when, on April 9, it released a post-release change updating the 2023 Partner's ...

Schedule K-1 (Form 1041), Explained Schedule K-1 (Form 1041) is an official IRS form that’s used to report a beneficiary’s share of income, deductions and credits from an estate or trust.

Schedule K-1 Expenses Form LLCs filing as partnerships must prepare IRS Schedule K-1, "Partner's Share of Income, Deductions, Credits," when they prepare their income tax return, Form 1065.

Schedule K-1 is a tax form prepared by certain entities to report annual income, losses, credits and deductions for each partner, shareholder or beneficiary.

The IRS issued on June 14, 2023 a draft of the Form 1065, Schedule K-1 for 2023. There are no instructions yet (which may take several months to get released). Here is a recap of the changes that ...

You may also get a Schedule K-1 if you're the beneficiary of a trust or an estate. Let's take a closer look at the Schedule K-1 form, the implications for you, and what you must do with it.