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)

2021 Partner’s Instructions for Schedule K-1

(For filing Form 1065)

2021 Beneficiary Instructions for Schedule K-1

(For filing Form 1040 or 1040-SR)

If you have further questions please contact your Aprio Tax Advisor.