What should I do if I find errors in my Schedule-K?

If you find any errors on your Schedule-K, you must notify the issuing entity right away and request a corrected form. The entity will be responsible for sending a corrected copy to both you and the IRS.

What are the filing deadlines for Schedule K-1?

The standard filing deadline for partnerships and S corporations is the 15th of March. On the other hand, trusts and estates have a deadline untill the 15th of April. Extended deadlines may be provided, with partnerships and S corporations till 16 September, and trusts and estates until September 30.

How does a Schedule K-1 differ from a 1099 form?

Form 1099 focuses on reporting gross proceeds from sales. On the other hand, a K-1 usually provides both gross sales amounts and adjusted basis information. Form 1099 is used to report various types of non-employment income to the IRS. A Schedule K-1 is used to report income, deductions, and credits from pass-through entities.

US Tax Forms

What is a Schedule K-1 Tax Form?

By Varun Gupta |Last Updated: February 11, 2026

Schedule K-1 is a U.S. federal tax document used to report income, losses, deductions, and credits passed through to individuals who have an ownership interest in a pass-through entity. These entities include partnerships, S corporations, trusts, and estates.

Each partner, shareholder, or beneficiary receives a Schedule K-1 detailing their share of the entity’s taxable activity. The recipient then uses this information to report income on their individual tax return.

Varun Gupta(Tax Expert)

Mr Varun is a tax expert with over 13 years of experience in US taxation, accounting, bookkeeping, and payroll. Mr Gupta has not prepared and reviewed over 5000 individual and corporate tax returns for CPA firms and businesses.

Frequently Asked Questions

If you forgot to include your K-1 income, you must file an amended tax return as early as possible. Complete Form 1040-X to amend your return Include the missing K-1 details and pay an additional tax due If you fail to report K-1 income, the IRS may send you a notice of the income underreported and may impose interest and penalties.

Schedule K-1 matters for an NRI as it reports their share of U.S. income from partnerships, trusts, or LLCs. It is vital for accurate tax reporting, claiming foreign tax credits, and avoiding double taxation under the DTAA tax treaty.

NRIs usually receive a Schedule K-1 by the 15th of March or the 15th of September, if an extension is filed. Timely receipt is essential for correct tax filing in both the U.S. and India.

If you receive a Schedule K-1 after filing your tax return, you need to file an amended return to include the income and pass-through amounts.

Generally, a K-1 can affect your taxes in two ways: either by increasing a partner's tax liability, or providing them with a tax deduction. This way, it will increase their overall tax liability for the year, provided the K-1 is related to income.

What is a Schedule K-1 Tax Form?

Frequently Asked Questions

What if I forgot to include a K-1 on my tax return?

Why does Schedule K-1 matter for NRIs?

When do NRIs receive a Schedule K-1?

What if I received Schedule K-1 after filing taxes?

How does a K-1 affect my taxes?

What is a Schedule K-1 Tax Form?

Frequently Asked Questions

What if I forgot to include a K-1 on my tax return?

Why does Schedule K-1 matter for NRIs?

When do NRIs receive a Schedule K-1?

What if I received Schedule K-1 after filing taxes?

How does a K-1 affect my taxes?