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.
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1.671-4(b) (5) clarifies that the amounts that must be included on any Forms 1099 required to be filed by the trustee do not include any amounts reportable by the payor on an information return other than Form 1099 (e.g., partnership items reported on a Form 1065 Schedule K-1).