Get 2013 Fillable K 1 Form

Report your section 951A income on Schedule 1 (Form 1040), line 8, or the comparable line of your income tax return.

A Schedule K-1 is a tax document used to report the incomes, losses, and dividends of a business's partners or an S corporation's shareholders. ... An S corporation reports activity on Form 1120S, while a partnership reports transactions on Form 1065.

You can't file your individual income tax return without your K-1's.

The Schedule K-1 is an Internal Revenue Service (IRS) tax form issued annually for an investment in partnership interests. The purpose of the Schedule K-1 is to report each partner's share of the partnership's earnings, losses, deductions, and credits.

Although withdrawals and distributions are noted on the K-1, they generally aren't considered to be taxable income. Partners are taxed on the net income a partnership earns regardless of whether or not the income is distributed.

Although withdrawals and distributions are noted on the K-1, they generally aren't considered to be taxable income. Partners are taxed on the net income a partnership earns regardless of whether or not the income is distributed.

More In Forms and Instructions The partnership files a copy of Schedule K-1 (Form 1065) with the IRS to report your share of the partnership's income, deductions, credits, etc.

The K-1 lists distributions withdrawals from income or from your capital account that you've taken during the tax year. These distributions are not what you're taxed on. You pay tax on your share of the LLC's income, whether you withdraw it or keep it in the company.