Form 1065 (Schedule K-1)

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Form 1065 (Schedule K-1)

A form that a partner in a partnership uses to state his/her own share of profits, losses, deductions, and credits ascribed to him/her. Because a partnership does not pay taxes directly and the tax liability is passed through to each partner, Schedule K-1 is not filed with the IRS. The partner keeps it for his/her own records.