Form 1065-B (Schedule K-1)

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Form 1065-B (Schedule K-1)

A form published by the IRS on which a partnership declares the share of profits, losses, deductions, and credits ascribed to each partner. 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. It is sent to the partner, who is responsible for reporting the information on his/her own tax return.