Artículo Schedule K-1 (Form 1065).. Schedule K-1 (Form 1065).

id="en_US_2025_publink1000171985"> Schedule K-1 (Form 1065). Although a partnership generally pays no tax, it must file an information return on Form 1065, U.S. Return of Partnership Income, and send Schedule K-1 (Form 1065) to each partner. In addition, the partnership will send each partner a copy of the Partner's Instructions for Schedule K-1 (Form 1065) to help each partner report his or her share of the partnership's income, deductions, credits, and tax preference items. . Keep Schedule K-1 (Form 1065) for your records. Don’t attach it to your Form 1040 or 1040-SR, unless you’re specifically required to do so. . For more information on partnerships, see Pub. 541, Partnerships. Qualified joint venture (QJV). If you and your spouse each materially participate as the only members of a jointly owned and operated business, and you file a joint return for the tax year, you can make a joint election to be treated as a QJV instead of a partnership. To make this election, you must divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse in accordance with your respective interests in the venture. For further information on how to make the election and which schedule(s) to file, see the instructions for your individual tax return. S Corporation Income In most cases, an S corporation doesn’t pay tax on its income. Instead, the income, losses, deductions, and credits of the corporation are passed through to the shareholders based on each shareholder's pro rata share. Schedule K-1 (Form 1120-S). An S corporation must file a return on Form 1120-S, U.S. Income Tax Return for an S Corporation, and send Schedule K-1 (Form 1120-S) to each shareholder. In addition, the S corporation will send each shareholder a copy of the Shareholder's Instructions for Schedule K-1 (Form 1120-S) to help each shareholder report her or his share of the S corporation's income, losses, credits, and deductions. . Keep Schedule K-1 (Form 1120-S) for your records. Don’t attach it to your Form 1040 or 1040-SR unless you’re specifically required to do so. . For more information on S corporations and their shareholders, see the Instructions for Form 1120-S. Recoveries A recovery is a return of an amount you deducted or took a credit for in an earlier year. The most common recoveries are refunds, reimbursements, and rebates of deductions itemized on Schedule A (Form 1040). You may also have recoveries of nonitemized deductions (such as payments on previously deducted bad debts) and recoveries of items for which you previously claimed a tax credit. Tax benefit rule. You must include a recovery in your income in the year you receive it up to the amount by which the deduction or credit you took for the recovered amount reduced your tax in the earlier year. For this purpose, any increase to an amount carried over to the current year that resulted from the deduction or credit is considered to have reduced your tax in the earlier year. Federal income tax refund. Refunds of federal income taxes aren’t included in your income because they’re never allowed as a deduction from income. State tax refund. If you received a state or local income tax refund (or credit or offset) in 2025, you must generally include it in income if you deducted the tax in an earlier year. The payer should generally send Form 1099-G to you by January 31 (if it's not a weekend or holiday). The IRS will also receive a copy of the Form 1099-G. If you file Form 1040 or 1040-SR, use the State and Local Income Tax Refund Worksheet under Instructions for Schedule 1 in the Instructions for Form 1040 to figure the amount (if any) to include in your income. See Pub. 525 for when you must use another worksheet. If you could choose to deduct for a tax year either: State and local income taxes, or State and local general sales taxes, then the maximum refund that you may have to include in income is limited to the excess of the tax you chose to deduct for that year over the tax you didn’t choose to deduct for that year. For examples, see Pub. 525.