The information on the form and the rules for submission vary slightly depending on which type of taxpayer you are. There are two sets of taxpayers that need to file a Schedule K-1 with their taxes:ġ. The form shows the income that you’ve received from the business and breaks it into different categories. Similar to a W2 or 1099 form, a Schedule K-1 lists taxable income, but it’s only for particular types of business entities.

We’ll show you where to find the right Schedule K-1 form for your business later on, but first we’re going to explain who needs to file one and when you’ll need to file it by. Your best bet is to have a dedicated accountant or tax professional to help you with this, but we’ll walk you through the form and how and when to submit it, so you’ll be ready come tax season. And if you fail to file your Schedule K-1, you might face some stiff penalties for an overdue return, as well as back taxes.įortunately, the rules around Schedule K-1 aren’t too complicated. The IRS won’t accept your personal tax return if your Schedule K-1 isn’t included along with it. If you are an owner of an S-corp or partnership or a member in an LLC, then you’ve probably received a Schedule K-1 in the mail. March 15 is the deadline for receiving a Schedule K-1. Beneficiaries of trusts and estates must also submit a Schedule K-1. Owners of pass-through entities must file the Schedule K-1 tax form along with their personal tax return to report their share of business profits, losses, deductions, and credits.

Example of k1 form