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Schedule K-1 Form 1065 PDF Template

What is a Schedule K-1 Form 1065?

A Schedule K-1 (Form 1065) is a tax document used to report a partner's share of income, deductions, credits, and other relevant items from a partnership. Issued by the partnership, this form is crucial for partners to report their share of the partnership’s income and deductions on their individual tax returns. The form ensures that partners accurately report their taxable income, deductions, and credits. It also provides the IRS with information to track and verify the reported income from partnerships.


How to Fill in Our Schedule K-1 Form 1065 PDF Template

Follow these steps to fill in the Schedule K-1 Form 1065 template:

  • Part I: Information About the Partnership

    • Box A: Enter the partnership’s employer identification number (EIN).

    • Box B: Fill in the partnership’s name, address, city, state, and ZIP code.

    • Box C: Specify the IRS center where the partnership filed its return.

    • Box D: Check if this is a publicly traded partnership (PTP).

  • Part II: Information About the Partner

    • Box E: Enter the partner’s SSN or TIN (do not use the TIN of a disregarded entity).

    • Box F: Provide the partner’s name, address, city, state, and ZIP code.

    • Box G: Indicate if the partner is a general partner or LLC member-manager, or a limited partner or other LLC member.

    • Box H1: Specify whether the partner is a domestic or foreign partner.

    • Box H2: If the partner is a disregarded entity (DE), enter the partner’s TIN and name.

    • Box I1: Describe the type of entity for this partner.

    • Box I2: Check if the partner is a retirement plan (IRA/SEP/Keogh/etc.).

    • Box J: Enter the partner’s share of profit, loss, and capital at the beginning and end of the year, indicating any changes due to the sale or exchange of the partnership interest.

    • Box K: Report the partner’s share of liabilities at the beginning and end of the year, including nonrecourse, qualified nonrecourse financing, and recourse liabilities. Check the box if these amounts include liabilities from lower-tier partnerships.

    • Box L: Analyze the partner’s capital account:

      • Beginning  capital account

      • Capital contributed during the year

      • Current year net income (loss)

      • Other increases (decreases) (attach explanation)

      • Withdrawals and distributions

      • Ending capital account

    • Box M: Indicate if the partner contributed property with a built-in gain (loss) and attach a statement if applicable.

    • Box N: Report the partner’s share of net unrecognized Section 704(c) gain or loss at the beginning and end of the year.

  • Part III: Partner’s Share of Current Year Income, Deductions, Credits, and Other Items

    • Line 1: Report ordinary business income (loss).

    • Line 2: Report net rental real estate income (loss).

    • Line 3: Report other net rental income (loss).

    • Line 4a: Report guaranteed payments for services.

    • Line 4b: Report guaranteed payments for capital.

    • Line 4c: Report total guaranteed payments.

    • Line 5: Report interest income.

    • Line 6a: Report ordinary dividends.

    • Line 6b: Report qualified dividends.

    • Line 6c: Report dividend equivalents.

    • Line 7: Report royalties.

    • Line 8: Report net short-term capital gain (loss).

    • Line 9a: Report net long-term capital gain (loss).

    • Line 9b: Report collectibles (28%) gain (loss).

    • Line 9c: Report unrecaptured section 1250 gain.

    • Line 10: Report net section 1231 gain (loss).

    • Line 11: Report other income (loss).

    • Line 12: Report section 179 deduction.

    • Line 13: Report other deductions.

    • Line 14: Report self-employment earnings (loss).

    • Line 15: Report credits.

    • Line 16: Check if Schedule K-3 is attached.

    • Line 17: Report alternative minimum tax (AMT) items.

    • Line 18: Report tax-exempt income and nondeductible expenses.

    • Line 19: Report distributions.

    • Line 20: Report other information as necessary.

    • Line 21: Report foreign taxes paid or accrued.

    • Line 22: Indicate if there is more than one activity for at-risk purposes.

    • Line 23: Indicate if there is more than one activity for passive activity purposes.

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