What Is a K-1 Tax Form?

form K-1 tax

The K-1 tax form, officially called Schedule K-1, is a three-part Internal Revenue Service (IRS) document that partnerships submit to report the credits, deductions and income for each partner. Beneficiaries receive a copy of the completed schedule after the partnership files it with the IRS, and they are responsible for adjusting the amount of taxes they owe on their personal tax return accordingly.