When Should I Receive My Schedule K-1?
The arrival of your Schedule K-1 is tied to the business entity's filing schedule. Understand the standard timelines and the proper steps to ensure an accurate return.
A Schedule K-1 is a tax document issued by pass-through businesses, which are entities that do not pay corporate income tax. Instead, they pass their income, losses, deductions, and credits through to their owners. These businesses include partnerships, S corporations, and certain trusts and estates. The K-1 form details an individual’s share of these financial items, which must be reported on their personal Form 1040 tax return.
Official K-1 Deadlines
The deadline for most partnerships and S corporations to furnish Schedule K-1s is the 15th day of the third month after the end of the company’s tax year. For businesses operating on a calendar year, this deadline is typically March 15. For the 2024 tax year, this makes the deadline March 17, 2025. This date aligns with the deadline for the business to file its own informational tax return, such as Form 1065 for partnerships or Form 1120-S for S corporations.
Many businesses find it necessary to request more time to finalize their accounting and tax documents. By filing Form 7004, a business can receive an automatic six-month extension to file its return. For the 2024 tax year, this pushes the entity’s filing deadline to September 15, 2025, for calendar-year filers. Consequently, the deadline for sending you a Schedule K-1 is also extended, as the form cannot be finalized until the entity’s main tax return is complete.
This extension is a common practice, so it is not unusual to receive a K-1 well after the initial March deadline. The complexity of the business’s financial activities can create a chain reaction of delays. Understanding that the K-1 delivery is tied to the entity’s own filing schedule helps set realistic expectations.
What to Do if the Deadline Passes
If the K-1 deadline passes, the first step is to directly contact the partnership or S corporation. Reach out to the management team, general partner, or the entity’s tax preparer to inquire about the status of the K-1s. They can inform you whether the business has filed for an extension and provide an estimated delivery date for the form.
A delayed K-1 can directly impact your ability to file your personal tax return by the April 15 deadline. If you learn that the K-1 will not arrive in time, the next logical action is to file for a personal tax extension. This is done by submitting Form 4868, which for the 2024 tax year pushes your filing deadline to October 15, 2025.
Filing an extension gives you more time to file, not more time to pay any taxes you may owe. You must still estimate your total tax liability for the year and pay any amount due by the original April 15 deadline to avoid potential underpayment penalties and interest.
Filing Your Return Without a K-1
In situations where the extended September 15 deadline for the entity has passed, or your own October 15 filing extension is approaching, and you still have not received your Schedule K-1, you may need to file your return using estimated figures. You can base your estimates on the prior year’s K-1, recent financial statements from the entity, or other available data.
When you file with estimated data because the K-1 is missing, you must notify the IRS. This is done by attaching Form 8082, Notice of Inconsistent Treatment or Administrative Adjustment Request (AAR), to your tax return. This form can help you avoid accuracy-related penalties that could arise from inconsistencies between your return and the information the entity eventually files.
After filing, if you receive the actual Schedule K-1 and the numbers differ from your estimates, you will need to file an amended tax return. This is accomplished by submitting Form 1040-X, Amended U.S. Individual Income Tax Return. On this form, you will correct the amounts previously reported and recalculate your tax liability.