K-1 Instructions
The IRS tax code allows for certain business entities and trusts to pass income-tax obligations on to shareholders, partners and those with vested interests in these entities. Schedule K-1 is the federal tax form prepared by these entities to report annual income, losses, credits, deductions and distributions for each partner, shareholder or beneficiary.
If you receive a Schedule K-1, you’ll need to use the information it provides to complete and file your personal income tax return. The IRS links below provide helpful instructions.
2021 Shareholder’s Instructions Schedule K-1
(For filing Form 1120-S)
https://www.irs.gov/pub/irs-pdf/i1120ssk.pdf
2021 Partner’s Instructions for Schedule K-1
(For filing Form 1065)
https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf
2021 Beneficiary Instructions for Schedule K-1
(For filing Form 1040 or 1040-SR)
https://www.irs.gov/pub/irs-pdf/i1041sk1.pdf