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Do I need to file a K-1 form?

While individual taxpayers typically don’t file K-1 forms, you can use the information you receive from a K-1 on your personal income tax return. There are four main types of entities that are required to file a K-1: Each one of these entities completes a different type of K-1 form. These K-1 forms are similar in many ways.

What is a K-1 tax form?

The K-1 form is also used to report income distributions from trusts and estates to beneficiaries. A Schedule K-1 document is prepared for each relevant individual (partner, shareholder, or beneficiary). A partnership then files Form 1065, the partnership tax return that contains the activity on each partner's K-1.

How do I file a K-1 tax return?

The three versions of Schedule K-1 (for partners, shareholders, and beneficiaries) are available on the IRS website. S corporations also file K-1s, accompanying them with Form 1120-S. Estates or trusts file K-1s with Form 1041. The federal income tax filing due date for individuals is the 15th day of the fourth month after the end of the tax year.

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