SCHEDULE K-1
Schedule K-1 is a kind of tax document. Its purpose is to record and report the incomes, losses, and dividends of a partners business or the shareholders of an S corporation. The Schedule K-1 is an individual report for each partner or shareholder rather than a financial summary of the whole group the partner or shareholder belongs to. Form 1120S is filled out if you’re an S Corporation. Meanwhile, Form 1065 is filled out if you’re a partnership.
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