Form 1065 (Schedule K-1)(redirected from 1065 Form (Schedule K1))
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.