It is the partner's responsibility to consider and apply any applicable limitations. The amount of loss and deduction you may claim on your tax return may be less than the amount reported on Schedule K-1. Use these instructions to help you report the items shown on Schedule K-1 on your tax return. Include your share on your tax return if a return is required. However, the partnership has reported your complete identifying number to the IRS.Īlthough the partnership generally isn't subject to income tax, you may be liable for tax on your share of the partnership income, whether or not distributed.
Backup withholding, later.) The partnership files a copy of Schedule K-1 (Form 1065) with the IRS.įor your protection, Schedule K-1 may show only the last four digits of your identifying number (social security number (SSN), etc.). Don’t file it with your tax return unless you are specifically required to do so. The partnership uses Schedule K-1 to report your share of the partnership's income, deductions, credits, etc.
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