Get 2023 Schedule K-1 (Form 1065)

All domestic business partnerships headquartered in the United States must file Form 1065 each year, including general partnerships, limited partnerships, and limited liability companies (LLCs) classified as partnerships with at least two members.

When are K-1s due? The due date for your limited liability company to file a K-1 with the IRS depends on the fiscal year used by your entity and whether it files for an extension, which is common for LLCs. If the entity follows the calendar year, K-1s must be filed by March 15.

How do I file my own Schedule K-1 form? You can file your Schedule K-1 form when you submit your Form 1065 or 1120S to the IRS. The easiest thing to do is to submit the form electronically by using IRS Free File or tax prep software. You can also file the form by mail.

Each shareholder or partner must receive their K-1 by March 15. This means they have one month after receiving the K-1 to use it to complete their individual return, which is due April 15 (unless an extension is filed). When filing their personal tax return to the IRS, a partner or shareholder must also file their K-1.

You must issue K-1s to your partners or shareholders on or before the deadline of the partnership or S corporation's tax return. For calendar year businesses, this falls on March 15 or in September, if you've filed for an extension.

If you can't file on time because you did not receive your K-1 timely, you will need to file an extension. This is done on Form 4868, Application for Automatic Extension of Time to File U.S. Income Tax Return. A properly filed extension request will extend the due date to file until October 15, 2023.

If you don't file either your return or an extension by the tax filing deadline, you'll be subject to a late filing penalty. The penalty is usually 5% of the amount you owe for each month, up to a maximum of 25%.

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.