Schedule K-1: What It Is and How It’s Used (Form 1065, 1120-S, 1041)
Schedule K-1 is the schedule that reports your share of the income, deductions and credits of a partnership (Form 1065), an S corporation (Form 1120-S) or an estate or trust (Form 1041). The entity files a copy with the IRS and gives you one; the IRS instructions say to keep yours for your records and generally not to file it with your return.
Maintained by Archie Chang · Sources checked against IRS text on November 2, 2026 · Methodology & sources
What a Schedule K-1 is
The IRS About pages describe the entity that files and passes items through to you:
“Partnerships file an information return to report their income, gains, losses, deductions, credits, etc.
A partnership does not pay tax on its income but "passes through" any profits or losses to its partners. Partners must include partnership items on their tax or information returns.”
“The S corporation files a copy of this schedule with the IRS to report your share of the corporation's income, deductions, credits, etc.”
“The fiduciary of a domestic decedent's estate, trust, or bankruptcy estate files Form 1041 to report:
The income, deductions, gains, losses, etc. of the estate or trust.
The income that is either accumulated or held for future distribution or distributed currently to the beneficiaries.”
“Use Schedule K-1 (Form 1041) to report the beneficiary’s share of income, deductions, and credits from a trust or a decedent’s estate.”
The three Schedule K-1 forms
| Form | Printed year | Catalog number | Printed title |
|---|---|---|---|
| Schedule K-1 (Form 1065) | 2025 | 11394R | Partner’s Share of Income, Deductions, Credits, etc. |
| Schedule K-1 (Form 1120-S) | 2025 | 11520D | Shareholder’s Share of Income, Deductions, Credits, etc. |
| Schedule K-1 (Form 1041) | 2025 | 11380D | Beneficiary’s Share of Income, Deductions, Credits, etc. |
| Form | The instructions say |
|---|---|
| Schedule K-1 (Form 1065) | “The partnership uses Schedule K-1 to report your share of the partnership’s income, deductions, credits, etc. Keep it for your records. Don’t file it with your tax return unless you're specifically required to do so. (See Code O under Box 15, later.) The partnership files a copy of Schedule K-1 (Form 1065) with the IRS.” |
| Schedule K-1 (Form 1120-S) | “The corporation uses Schedule K-1 to report your share of the corporation’s income, deductions, credits, and other items. Keep it for your records. Don’t file it with your tax return unless backup withholding is reported in box 13 using code O. (See the instructions for Code O, later.) The corporation files a copy of Schedule K-1 with the IRS.” |
| Schedule K-1 (Form 1041) | “Use Schedule K-1 to report a beneficiary's share of the estate’s or trust’s income, credits, deductions, etc., on your Form 1040 or 1040-SR. Keep it for your records. Don’t file it with your tax return, unless backup withholding was reported in box 13, code B.” |
“The fiduciary (or one of the joint fiduciaries) must file Schedule K-1. A copy of each beneficiary’s Schedule K-1 is attached to the Form 1041 filed with the IRS, and each beneficiary is given a copy of their respective Schedule K-1. One copy of each Schedule K-1 must be retained for the fiduciary’s records.”
“Grantor type trusts don’t use Schedule K-1 (Form 1041) to report the income, deductions, or credits of the grantor (or other person treated as owner).”
Due dates
Publication 509 (2026) gives the Form 1065 and Form 1120-S dates as a rule (the 15th day of the 3rd month after the end of the tax year) and, for 2025 calendar-year returns, as dates on the 2026 calendar. The 2025 Instructions for Form 1041 give the Form 1041 rule and a date; Publication 509 (2026) does not list Form 1041. These dates are for 2025 returns; for 2026 returns the documents checked gave the rule but no dates.
| Form | IRS text |
|---|---|
| Schedule K-1 (Form 1065) | “Form 1065. This form is due on the 15th day of the 3rd month after the end of the partnership’s tax year. Provide each partner with a copy of their Schedule K-1 (Form 1065) or substitute Schedule K-1 (Form 1065) and, if applicable, Schedule K-3 (Form 1065) or substitute Schedule K-3 (Form 1065) by the 15th day of the 3rd month after the end of the partnership’s tax year. Form 7004 is used to request an automatic 6-month extension of time to file Form 1065.” |
| Schedule K-1 (Form 1120-S) | “Form 1120-S (or Form 7004). This form is due on the 15th day of the 3rd month after the end of the corporation’s tax year. Provide each shareholder with a copy of their Schedule K-1 (Form 1120-S) or substitute Schedule K-1 (Form 1120-S) and, if applicable, Schedule K-3 (Form 1120-S) or substitute Schedule K-3 (Form 1120-S) by the 15th day of the 3rd month after the end of the corporation’s tax year. Form 7004 is used to request an automatic 6-month extension of time to file Form 1120-S.” |
| Schedule K-1 (Form 1041) | “For calendar year estates and trusts, file Form 1041 and Schedule(s) K-1 by April 15, 2026. For fiscal-year estates and trusts, file Form 1041 by the 15th day of the 4th month following the close of the tax year.” |
“March 16
Partnerships. File a 2025 calendar year return (Form 1065). Provide each partner with a copy of their Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or substitute Schedule K-1 (Form 1065), and, if applicable, Schedule K-3 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc.—International, or substitute Schedule K-3 (Form 1065).”
“To request an automatic 6-month extension of time to file the return, file Form 7004. Then, file the return and provide each partner with a copy of their final or amended (if required) Schedule K-1 (Form 1065) and, if applicable, Schedule K-3 (Form 1065) by September 15.”
“S corporations. File a 2025 calendar year income tax return (Form 1120-S) and pay any tax due. Provide each shareholder with a copy of their Schedule K-1 (Form 1120-S), Shareholder’s Share of Income, Deductions, Credits, etc., or substitute Schedule K-1 (Form 1120-S), and, if applicable, Schedule K-3 (Form 1120-S), Shareholder’s Share of Income, Deductions, Credits, etc.—International, or substitute Schedule K-3 (Form 1120-S).”
“To request an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe in tax. Then, file the return; pay any tax, interest, and penalties due; and provide each shareholder with a copy of their Schedule K-1 (Form 1120-S) and, if applicable, Schedule K-3 (Form 1120-S) by September 15.”
“You must provide Schedule K-1 (Form 1041), on or before the day you are required to file Form 1041, to each beneficiary who receives a distribution of property or an allocation of an item of the estate.”
Schedule K-1 (Form 1065) boxes
Box labels are as printed in Part III of the 2025 Schedule K-1 (Form 1065); the last column is the sentence from the 2025 Partner’s Instructions for the box, where we show one.
| Box | Printed on the form | Partner’s Instructions say |
|---|---|---|
| 1 | Ordinary business income (loss) | “The amount reported in box 1 is your share of the ordinary income (loss) from trade or business activities of the partnership.” |
| 2 | Net rental real estate income (loss) | “Generally, the income (loss) reported in box 2 is a passive activity amount for all partners. However, the income (loss) in box 2 isn’t from a passive activity if you were a real estate professional (defined earlier) and you materially participated in the activity.” |
| 3 | Other net rental income (loss) | “The amount in box 3 is a passive activity amount for all partners.” |
| 4a | Guaranteed payments for services | “Guaranteed payments are payments made by a partnership to a partner that are determined without regard to the partnership’s income.” |
| 4b | Guaranteed payments for capital | “These are guaranteed payments other than for services, such as for the use of capital or attributable to section 736(a)(2) payments for unrealized receivables or goodwill.” |
| 4c | Total guaranteed payments | “Amounts on this line include total guaranteed payments paid to you by the partnership.” |
| 5 | Interest income | “Report interest income on Form 1040 or 1040-SR, line 2b.” |
| 6a | Ordinary dividends | “Report ordinary dividends on Form 1040 or 1040-SR, line 3b.” |
| 6b | Qualified dividends | “Report any qualified dividends on Form 1040 or 1040-SR, line 3a.” |
| 6c | Dividend equivalents | “Dividend equivalents aren’t reported on Form 1040 or 1040-SR.” |
| 7 | Royalties | “Report royalties on Schedule E (Form 1040), line 4.” |
| 8 | Net short-term capital gain (loss) | “Report the net short-term capital gain (loss) on Schedule D (Form 1040), line 5.” |
| 9a | Net long-term capital gain (loss) | “Report the net long-term capital gain (loss) on Schedule D (Form 1040), line 12.” |
| 9b | Collectibles (28%) gain (loss) | “Report collectibles gain or loss on line 4 of the 28% Rate Gain Worksheet—Line 18 in the Instructions for Schedule D (Form 1040).” |
| 9c | Unrecaptured section 1250 gain | |
| 10 | Net section 1231 gain (loss) | “The amount in box 10 is generally passive if it’s from a: Rental activity, or Trade or business activity in which you didn’t materially participate.” |
| 11 | Other income (loss) | “Code A. Other portfolio income (loss). The partnership will report portfolio income other than interest, ordinary dividend, royalty, and capital gain (loss) income, and attach a statement to tell you what kind of portfolio income is reported.” |
| 12 | Section 179 deduction | “Use this amount, along with the total cost of section 179 property placed in service during the year from other sources, to complete Part I of Form 4562, Depreciation and Amortization.” |
| 13 | Other deductions | |
| 14 | Self-employment earnings (loss) | “If you and your spouse are both partners, each of you must complete and file your own Schedule SE (Form 1040), Self-Employment Tax, to report your partnership net earnings (loss) from self-employment.” |
| 15 | Credits | |
| 16 | Schedule K-3 is attached if checked | “If the partnership checked the box, see the attached Schedule K-3 with respect to items of international tax relevance.” |
| 17 | Alternative minimum tax (AMT) items | “Use the information reported in box 17 (as well as your adjustments and tax preference items from other sources) to prepare your Form 6251; or Schedule I (Form 1041), Alternative Minimum Tax—Estates and Trusts.” |
| 18 | Tax-exempt income and nondeductible expenses | |
| 19 | Distributions | “Code A. Cash and marketable securities other than for services. In general, code A is used to report the distributions the partnership made to you of money, that is, cash and certain marketable securities.” |
| 20 | Other information | |
| 21 | Foreign taxes paid or accrued | “Foreign taxes paid or accrued reduce a partner’s basis and are limited to basis. Don’t use this amount to complete your Form 1116, Foreign Tax Credit; or Form 1118, Foreign Tax Credit—Corporations.” |
| 22 | More than one activity for at-risk purposes* | “When the partnership has more than one activity for at-risk purposes, it’ll check this box and attach a statement.” |
| 23 | More than one activity for passive activity purposes* | “When the partnership has more than one activity for passive activity purposes, it’ll check this box and attach a statement.” |
“The amount reported in box 1 is your share of the ordinary income (loss) from trade or business activities of the partnership. Generally, where you report this amount on Form 1040 or 1040-SR depends on whether the amount is from an activity that’s a passive activity to you.”
Schedule K-1 (Form 1120-S) boxes
| Box | Printed on the form |
|---|---|
| 1 | Ordinary business income (loss) |
| 2 | Net rental real estate income (loss) |
| 3 | Other net rental income (loss) |
| 4 | Interest income |
| 5a | Ordinary dividends |
| 5b | Qualified dividends |
| 6 | Royalties |
| 7 | Net short-term capital gain (loss) |
| 8a | Net long-term capital gain (loss) |
| 8b | Collectibles (28%) gain (loss) |
| 8c | Unrecaptured section 1250 gain |
| 9 | Net section 1231 gain (loss) |
| 10 | Other income (loss) |
| 11 | Section 179 deduction |
| 12 | Other deductions |
| 13 | Credits |
| 14 | Schedule K-3 is attached if checked |
| 15 | Alternative minimum tax (AMT) items |
| 16 | Items affecting shareholder basis |
| 17 | Other information |
| 18 | More than one activity for at-risk purposes* |
| 19 | More than one activity for passive activity purposes* |
“Your share of S corporation income isn’t self-employment income and it isn’t subject to self-employment tax.”
“Schedule K-1 doesn’t show actual dividend distributions the corporation made to you. The corporation must report such amounts totaling $10 or more for the calendar year on Form 1099-DIV, Dividends and Distributions.”
Schedule K-1 (Form 1041) boxes
| Box | Printed on the form |
|---|---|
| 1 | Interest income |
| 2a | Ordinary dividends |
| 2b | Qualified dividends |
| 3 | Net short-term capital gain |
| 4a | Net long-term capital gain |
| 4b | 28% rate gain |
| 4c | Unrecaptured section 1250 gain |
| 5 | Other portfolio and nonbusiness income |
| 6 | Ordinary business income |
| 7 | Net rental real estate income |
| 8 | Other rental income |
| 9 | Directly apportioned deductions |
| 10 | Estate tax deduction |
| 11 | Final year deductions |
| 12 | Alternative minimum tax adjustment |
| 13 | Credits and credit recapture |
| 14 | Other information |
Using the Schedule K-1
“Although the partnership generally isn’t subject to income tax, you may be liable for tax on your share of the partnership income, whether or not distributed. Include your share on your tax return if a return is required.”
“The amount of loss and deduction you may claim on your tax return may be less than the amount reported on Schedule K-1. It’s the partner’s responsibility to consider and apply any applicable limitations.”
“If you believe the partnership has made an error on your Schedule K-1, notify the partnership and ask for a corrected Schedule K-1. Don’t change any items on your copy of Schedule K-1.”
What this page does not cover
- It does not walk through the box 11, 13, 15 and 20 code lists or the other codes for Schedules K-1 (Forms 1120-S and 1041); the IRS instructions for each form list them.
- It does not decide whether an item is passive, how basis or at-risk limits apply, or how much of an amount is reported on a return.
Frequently asked questions
What is a Schedule K-1?
Each Schedule K-1 reports your share of an entity’s income, deductions and credits. The 2025 instructions say the partnership uses Schedule K-1 to report your share of the partnership’s income, deductions, credits, etc.; the S corporation does the same for the corporation; and a Schedule K-1 (Form 1041) reports a beneficiary’s share of the estate’s or trust’s income, credits, deductions, etc.
Who sends me a Schedule K-1?
The partnership sends Schedule K-1 (Form 1065) to each partner, the S corporation sends Schedule K-1 (Form 1120-S) to each shareholder, and the fiduciary of an estate or trust sends Schedule K-1 (Form 1041) to each beneficiary, according to the IRS instructions and Publication 509 (2026). The entity also files a copy with the IRS.
Do I file the Schedule K-1 with my tax return?
Generally not. The partner’s instructions say to keep it for your records and not to file it with your tax return unless you’re specifically required to do so (see Code O under Box 15). The shareholder’s instructions give an exception when backup withholding is reported in box 13 using code O, and the beneficiary’s instructions give one for backup withholding reported in box 13, code B.
When is a Schedule K-1 due?
Publication 509 (2026) says Form 1065 is due on the 15th day of the 3rd month after the end of the partnership’s tax year, with each partner’s Schedule K-1 provided by the same date, and the same for Form 1120-S and its shareholders; it lists March 16 for 2025 calendar-year returns and September 15 with an extension. The 2025 Instructions for Form 1041 say calendar year estates and trusts file Form 1041 and Schedule(s) K-1 by April 15, 2026, and that Schedule K-1 (Form 1041) must be provided on or before the day Form 1041 is due to each beneficiary who receives a distribution of property or an allocation of an item of the estate. These dates are for 2025 returns; for 2026 returns the documents checked gave the rule but no dates.
Is K-1 income subject to self-employment tax?
It depends on the form. The shareholder’s instructions say your share of S corporation income isn’t self-employment income and it isn’t subject to self-employment tax. For a partnership, box 14 of Schedule K-1 (Form 1065) reports self-employment earnings (loss), and the partner’s instructions say that if you and your spouse are both partners, each of you must complete and file your own Schedule SE (Form 1040).
What if my K-1 is wrong?
The partner’s instructions say that if you believe the partnership has made an error on your Schedule K-1, notify the partnership and ask for a corrected Schedule K-1, and don’t change any items on your copy of Schedule K-1. They add: “Be sure that the partnership sends a copy of the corrected Schedule K-1 to the IRS.” The same instructions say that, for a partner in a partnership that hasn’t elected out of the centralized partnership audit regime, if the treatment on your return is inconsistent with the partnership’s treatment you must file Form 8082, Notice of Inconsistent Treatment or Administrative Adjustment Request (AAR), with your return.
Are the boxes the same on the three K-1 forms?
No. On the 2025 forms, Part III of Schedule K-1 (Form 1065) has boxes 1 through 23, Form 1120-S has boxes 1 through 19 and Form 1041 has boxes 1 through 14. For example, the Schedule K-3 box is box 16 on Form 1065 and box 14 on Form 1120-S, and box 14 on Form 1041 is other information. The printed labels differ by form.
Related IRS form pages and calculators
Sources (checked November 2, 2026): IRS: Schedule K-1 (Form 1065) 2025, PDF · IRS: 2025 Partner’s Instructions for Schedule K-1 (Form 1065), PDF · IRS: Schedule K-1 (Form 1120-S) 2025, PDF · IRS: 2025 Shareholder’s Instructions for Schedule K-1 (Form 1120-S), PDF · IRS: Schedule K-1 (Form 1041) 2025, PDF · IRS: 2025 Instructions for Schedule K-1 (Form 1041) for a Beneficiary Filing Form 1040 or 1040-SR, PDF · IRS: 2025 Instructions for Form 1041 and Schedules A, B, G, J, and K-1, PDF · IRS: Publication 509, Tax Calendars (2026), PDF · IRS: About Form 1065 · IRS: About Schedule K-1 (Form 1120-S) · IRS: About Form 1041