IRS Form 1065 Schedule K-1 "Partner's Share of Income, Deductions, Credits, Etc."

What Is IRS Form 1065 Schedule K-1?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury. The document is a supplement to IRS Form 1065, U.S. Return of Partnership Income. Check the official IRS-issued instructions before completing and submitting the form.

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Download IRS Form 1065 Schedule K-1 "Partner's Share of Income, Deductions, Credits, Etc."

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651119
OMB No. 1545-0123
Final K-1
Amended K-1
2019
Schedule K-1
Partner’s Share of Current Year Income,
Part III
(Form 1065)
Deductions, Credits, and Other Items
Department of the Treasury
1
15
Ordinary business income (loss)
Credits
Internal Revenue Service
For calendar year 2019, or tax year
2019
2
Net rental real estate income (loss)
/
/
/
/
beginning
ending
Partner’s Share of Income, Deductions,
3
Other net rental income (loss)
16
Foreign transactions
Credits, etc.
See back of form and separate instructions.
Part I
Information About the Partnership
4a
Guaranteed payments for services
A
Partnership’s employer identification number
4b
Guaranteed payments for capital
B
Partnership’s name, address, city, state, and ZIP code
4c
Total guaranteed payments
5
Interest income
C
IRS Center where partnership filed return
6a
Ordinary dividends
D
Check if this is a publicly traded partnership (PTP)
Part II
Information About the Partner
6b
Qualified dividends
E
Partner’s SSN or TIN (Do not use TIN of a disregarded entity. See inst.)
6c
Dividend equivalents
17
Alternative minimum tax (AMT) items
F
Name, address, city, state, and ZIP code for partner entered in E. See instructions.
7
Royalties
8
Net short-term capital gain (loss)
G
General partner or LLC
Limited partner or other LLC
member-manager
member
9a
Net long-term capital gain (loss)
18
Tax-exempt income and
H1
Domestic partner
Foreign partner
nondeductible expenses
H2
If the partner is a disregarded entity (DE), enter the partner’s:
9b
Collectibles (28%) gain (loss)
TIN
Name
What type of entity is this partner?
I1
9c
Unrecaptured section 1250 gain
I2
If this partner is a retirement plan (IRA/SEP/Keogh/etc.), check here
J
Partner’s share of profit, loss, and capital (see instructions):
Beginning
Ending
10
Net section 1231 gain (loss)
19
Distributions
Profit
%
%
11
Other income (loss)
Loss
%
%
Capital
%
%
Check if decrease is due to sale or exchange of partnership interest .
.
20
Other information
12
Section 179 deduction
K
Partner’s share of liabilities:
Beginning
Ending
13
Other deductions
Nonrecourse
.
.
$
$
Qualified nonrecourse
financing
.
.
.
$
$
Recourse
.
.
.
$
$
Check this box if Item K includes liability amounts from lower tier partnerships.
L
Partner’s Capital Account Analysis
14
Self-employment earnings (loss)
Beginning capital account
.
.
.
$
Capital contributed during the year .
.
$
Current year net income (loss) .
.
.
$
21
More than one activity for at-risk purposes*
Other increase (decrease) (attach explanation) $
22
More than one activity for passive activity purposes*
(
)
Withdrawals & distributions
.
.
.
$
*See attached statement for additional information.
Ending capital account
$
.
.
.
.
M
Did the partner contribute property with a built-in gain or loss?
Yes
No
If “Yes,” attach statement. See instructions.
N
Partner’s Share of Net Unrecognized Section 704(c) Gain or (Loss)
Beginning .
.
.
.
.
.
.
. $
Ending .
.
.
.
.
.
.
.
. $
For Paperwork Reduction Act Notice, see Instructions for Form 1065.
www.irs.gov/Form1065
Cat. No. 11394R
Schedule K-1 (Form 1065) 2019
651119
OMB No. 1545-0123
Final K-1
Amended K-1
2019
Schedule K-1
Partner’s Share of Current Year Income,
Part III
(Form 1065)
Deductions, Credits, and Other Items
Department of the Treasury
1
15
Ordinary business income (loss)
Credits
Internal Revenue Service
For calendar year 2019, or tax year
2019
2
Net rental real estate income (loss)
/
/
/
/
beginning
ending
Partner’s Share of Income, Deductions,
3
Other net rental income (loss)
16
Foreign transactions
Credits, etc.
See back of form and separate instructions.
Part I
Information About the Partnership
4a
Guaranteed payments for services
A
Partnership’s employer identification number
4b
Guaranteed payments for capital
B
Partnership’s name, address, city, state, and ZIP code
4c
Total guaranteed payments
5
Interest income
C
IRS Center where partnership filed return
6a
Ordinary dividends
D
Check if this is a publicly traded partnership (PTP)
Part II
Information About the Partner
6b
Qualified dividends
E
Partner’s SSN or TIN (Do not use TIN of a disregarded entity. See inst.)
6c
Dividend equivalents
17
Alternative minimum tax (AMT) items
F
Name, address, city, state, and ZIP code for partner entered in E. See instructions.
7
Royalties
8
Net short-term capital gain (loss)
G
General partner or LLC
Limited partner or other LLC
member-manager
member
9a
Net long-term capital gain (loss)
18
Tax-exempt income and
H1
Domestic partner
Foreign partner
nondeductible expenses
H2
If the partner is a disregarded entity (DE), enter the partner’s:
9b
Collectibles (28%) gain (loss)
TIN
Name
What type of entity is this partner?
I1
9c
Unrecaptured section 1250 gain
I2
If this partner is a retirement plan (IRA/SEP/Keogh/etc.), check here
J
Partner’s share of profit, loss, and capital (see instructions):
Beginning
Ending
10
Net section 1231 gain (loss)
19
Distributions
Profit
%
%
11
Other income (loss)
Loss
%
%
Capital
%
%
Check if decrease is due to sale or exchange of partnership interest .
.
20
Other information
12
Section 179 deduction
K
Partner’s share of liabilities:
Beginning
Ending
13
Other deductions
Nonrecourse
.
.
$
$
Qualified nonrecourse
financing
.
.
.
$
$
Recourse
.
.
.
$
$
Check this box if Item K includes liability amounts from lower tier partnerships.
L
Partner’s Capital Account Analysis
14
Self-employment earnings (loss)
Beginning capital account
.
.
.
$
Capital contributed during the year .
.
$
Current year net income (loss) .
.
.
$
21
More than one activity for at-risk purposes*
Other increase (decrease) (attach explanation) $
22
More than one activity for passive activity purposes*
(
)
Withdrawals & distributions
.
.
.
$
*See attached statement for additional information.
Ending capital account
$
.
.
.
.
M
Did the partner contribute property with a built-in gain or loss?
Yes
No
If “Yes,” attach statement. See instructions.
N
Partner’s Share of Net Unrecognized Section 704(c) Gain or (Loss)
Beginning .
.
.
.
.
.
.
. $
Ending .
.
.
.
.
.
.
.
. $
For Paperwork Reduction Act Notice, see Instructions for Form 1065.
www.irs.gov/Form1065
Cat. No. 11394R
Schedule K-1 (Form 1065) 2019
2
Schedule K-1 (Form 1065) 2019
Page
This list identifies the codes used on Schedule K-1 for all partners and provides summarized reporting information for partners who file Form 1040 or 1040-SR.
For detailed reporting and filing information, see the separate Partner’s Instructions for Schedule K-1 and the instructions for your income tax return.
1. Ordinary business income (loss). Determine whether the income (loss) is
Code
Report on
passive or nonpassive and enter on your return as follows.
H Undistributed capital gains credit
Schedule 3 (Form 1040 or 1040-SR),
}
line 13, box a
Report on
I Biofuel producer credit
See the Partner’s Instructions
Passive loss
See the Partner’s Instructions
J Work opportunity credit
Passive income
Schedule E, line 28, column (h)
K Disabled access credit
Nonpassive loss
See the Partner’s Instructions
L Empowerment zone
Nonpassive income
Schedule E, line 28, column (k)
employment credit
2. Net rental real estate income (loss)
See the Partner’s Instructions
M Credit for increasing research
See the Partner’s Instructions
3. Other net rental income (loss)
activities
Net income
Schedule E, line 28, column (h)
N Credit for employer social
Net loss
See the Partner’s Instructions
security and Medicare taxes
4a. Guaranteed payment Services
O Backup withholding
See the Partner’s Instructions
P Other credits
4b. Guaranteed payment Capital
See the Partner’s Instructions
16. Foreign transactions
4c. Guaranteed payment Total
}
See the Partner’s Instructions
A Name of country or U.S.
5. Interest income
Form 1040 or 1040-SR, line 2b
possession
6a. Ordinary dividends
Form 1040 or 1040-SR, line 3b
B Gross income from all sources
Form 1116, Part I
6b. Qualified dividends
Form 1040 or 1040-SR, line 3a
C Gross income sourced at
6c. Dividend equivalents
See the Partner’s Instructions
partner level
7. Royalties
Schedule E, line 4
Foreign gross income sourced at partnership level
8. Net short-term capital gain (loss)
Schedule D, line 5
D Reserved for future use
}
9a. Net long-term capital gain (loss)
Schedule D, line 12
E Foreign branch category
9b. Collectibles (28%) gain (loss)
28% Rate Gain Worksheet, line 4
F Passive category
(Schedule D instructions)
Form 1116, Part I
G General category
9c. Unrecaptured section 1250 gain
See the Partner’s Instructions
H Other
10.
Net section 1231 gain (loss)
See the Partner’s Instructions
Deductions allocated and apportioned at partner level
11.
Other income (loss)
I
Interest expense
Form 1116, Part I
Code
J
Other
Form 1116, Part I
A Other portfolio income (loss)
See the Partner’s Instructions
Deductions allocated and apportioned at partnership level to foreign source
B Involuntary conversions
See the Partner’s Instructions
}
income
C Sec. 1256 contracts & straddles
Form 6781, line 1
K Reserved for future use
}
D Mining exploration costs recapture See Pub. 535
L Foreign branch category
E Cancellation of debt
M Passive category
Form 1116, Part I
F Section 743(b) positive adjustments
N General category
G Section 965(a) inclusion
O Other
See the Partner’s Instructions
H Income under subpart F (other
Other information
than inclusions under sections
P Total foreign taxes paid
Form 1116, Part II
951A and 965)
Q Total foreign taxes accrued
Form 1116, Part II
I Other income (loss)
R
Form 1116, line 12
Reduction in taxes available for credit
12.
Section 179 deduction
See the Partner’s Instructions
}
S
Form 8873
Foreign trading gross receipts
13.
Other deductions
T
Form 8873
Extraterritorial income exclusion
A Cash contributions (60%)
U through V
Reserved for future use
B Cash contributions (30%)
}
W Section 965 information
C Noncash contributions (50%)
See the Partner’s Instructions
X Other foreign transactions
D Noncash contributions (30%)
}
See the Partner’s Instructions
17. Alternative minimum tax (AMT) items
E Capital gain property to a 50%
A Post-1986 depreciation adjustment
organization (30%)
See the Partner’s
B Adjusted gain or loss
F Capital gain property (20%)
Instructions and
G Contributions (100%)
C Depletion (other than oil & gas)
D Oil, gas, & geothermal—gross income
the Instructions for
H Investment interest expense
Form 4952, line 1
I Deductions—royalty income
Schedule E, line 19
E Oil, gas, & geothermal—deductions
Form 6251
F Other AMT items
J Section 59(e)(2) expenditures
See the Partner’s Instructions
K Excess business interest expense
See the Partner’s Instructions
18. Tax-exempt income and nondeductible expenses
A Tax-exempt interest income
L Deductions—portfolio (other)
Schedule A, line 16
Form 1040 or 1040-SR, line 2a
M Amounts paid for medical insurance Schedule A, line 1, or Schedule 1
B Other tax-exempt income
See the Partner’s Instructions
(Form 1040 or 1040-SR), line 16
C Nondeductible expenses
See the Partner’s Instructions
N Educational assistance benefits
See the Partner’s Instructions
19. Distributions
}
O Dependent care benefits
Form 2441, line 12
A
Cash and marketable securities
P Preproductive period expenses
See the Partner’s Instructions
See the Partner’s Instructions
B Distribution subject to section 737
Q Commercial revitalization deduction
C Other property
from rental real estate activities
See Form 8582 instructions
20. Other information
R Pensions and IRAs
See the Partner’s Instructions
A Investment income
Form 4952, line 4a
S Reforestation expense deduction
See the Partner’s Instructions
B Investment expenses
Form 4952, line 5
T through U
Reserved for future use
}
C Fuel tax credit information
Form 4136
}
V Section 743(b) negative adjustments
D Qualified rehabilitation expenditures
W Other deductions
See the Partner’s Instructions
(other than rental real estate)
X Section 965(c) deduction
See the Partner’s Instructions
E Basis of energy property
14.
Self-employment earnings (loss)
F through G
Note: If you have a section 179 deduction or any partner-level deductions, see the
H Recapture of investment credit
See Form 4255
Partner’s Instructions before completing Schedule SE.
I Recapture of other credits
See the Partner’s Instructions
A Net earnings (loss) from
J Look-back interest—completed
}
self-employment
Schedule SE, Section A or B
long-term contracts
}
See Form 8697
B Gross farming or fishing income
See the Partner’s Instructions
K
Look-back interest—income forecast
C Gross non-farm income
See the Partner’s Instructions
method
See Form 8866
15.
Credits
L Dispositions of property with
A Low-income housing credit
section 179 deductions
(section 42(j)(5)) from pre-2008
M Recapture of section 179 deduction
buildings
N Interest expense for corporate
B Low-income housing credit
partners
(other) from pre-2008 buildings
O through Y
C Low-income housing credit
Z Section 199A information
(section 42(j)(5)) from
AA Section 704(c) information
post-2007 buildings
See the Partner’s Instructions
See the Partner’s Instructions
AB Section 751 gain (loss)
D Low-income housing credit
AC Section 1(h)(5) gain (loss)
(other) from post-2007
AD Deemed section 1250
buildings
unrecaptured gain
E Qualified rehabilitation
AE Excess taxable income
expenditures (rental real estate)
AF Excess business interest income
F Other rental real estate credits
AG Gross receipts for section 59A(e)
G Other rental credits
AH Other information
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