![]() Schedule K-1 (Form 1065-B) : Instead of Form 1065. Schedule K-1 (Form 1065) : Members of a business partnership use to report their share of a partnership's profits, losses, deductions and credits to the IRS. Its full name is “Beneficiary’s Share of Income, Deductions, Credits, etc.” Schedule K-1 (Form 1041) : To report a beneficiary's share of an estate, including income, credits, deductions and profits. There have 5 distinct forms for businesses: An S corporation reports activity on Form 1120S, while a partnership reports transactions on Form 1065. The Schedule K-1 document is prepared for each individual partner and is included with the partner’s personal tax return. Schedule K-1 is a federal tax document used to report the income, losses, and dividends of a business' or financial entity's partners or an S corporation's shareholders. ![]() IRS Schedule K, also known as Schedule K-1.
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