Where Do I Get a Schedule K-1 Tax Form?

A Schedule K-1 is a tax document that reports earnings, losses, deductions, and credits from certain business structures. It is not a form that individual taxpayers can get from the Internal Revenue Service (IRS) to complete themselves. Instead, an individual investor or beneficiary receives a completed Schedule K-1 from the entity in which they have an interest. This document provides the specific figures needed to report the financial results from these entities on a personal income tax return.

Who Issues the Schedule K-1

The responsibility for preparing and distributing Schedule K-1 forms lies with pass-through entities. These businesses do not pay income tax at the entity level; instead, profits or losses are “passed through” to the owners to report on their own returns. The entity type determines which version of the K-1 is issued and what primary tax return it is associated with.

Partnerships issue Schedule K-1 (Form 1065) to their partners. This form details each partner’s specific share of the partnership’s financial activities, which is derived from the main partnership tax return, Form 1065.

S corporations provide their shareholders with a Schedule K-1 (Form 1120-S), which outlines their portion of the income and credits from the corporate return, Form 1120-S. Likewise, estates and trusts that distribute income to beneficiaries must issue a Schedule K-1 (Form 1041). This form is generated from Form 1041 and informs beneficiaries of the amounts they must report.

When to Expect Your K-1

For partnerships and S corporations operating on a calendar year, the deadline to furnish K-1s to partners and shareholders is March 15th. This date aligns with the entity’s tax filing deadline, providing individuals with the necessary information before the typical personal tax deadline in April.

Many businesses file for an extension to complete their tax returns, which directly impacts when K-1s are sent. If a partnership or S corporation files for an extension, its new deadline to issue K-1s becomes September 15th. For estates and trusts, the initial deadline to issue K-1s is April 15th, but an extension pushes this date to September 30th. Because these extended deadlines fall well after the personal tax filing date, recipients often need to file for an extension for their own Form 1040.

Steps to Take if Your K-1 is Missing

If you have not received an expected Schedule K-1 by its due date, the first action is to contact the entity’s management. This could be the general partner, a corporate officer, or the trustee responsible for the entity’s tax matters. They or their tax preparer can provide an update on the status of the form. It is useful to document your attempts to obtain the form.

If the K-1 will not arrive before your personal tax filing deadline, file for a personal tax extension by submitting Form 4868 to the IRS. This provides an automatic six-month extension to file your return, moving the deadline to October 15th. It is important to note that Form 4868 only extends the time to file, not the time to pay any taxes owed.

If the entity remains unresponsive and you cannot obtain the K-1, you can file your tax return using estimated figures for the income and deductions. You must attach Form 8082 to your return, which notifies the IRS that you did not receive the K-1 and are using estimates. This form also indicates that your figures may be inconsistent with what the entity will report. Should you receive the K-1 after filing, you may need to file an amended return using Form 1040-X to correct any discrepancies.