The Internal Revenue Service (IRS) requires a Schedule K-1 from any partnership in the United States. The IRS requires a Schedule K-1 representing each shareholder's portion of the company's profits, losses, deductions and tax liability for the year. In addition, each partner must receive a copy of the Schedule K-1 representing his portion of the tax liability of the partnership.
Step 1
List the requested information about the partnership in Part 1 of Schedule K-1. This includes the partnership's name, address, employer identification number (EIN) and whether the partnership is publicly traded.
Step 2
Supply information about the first individual partner in Part II. This includes the partner's name, address and information regarding his share percentage in the partnership.
Step 3
Complete Part III, which requests information about the partner's share of the gains and losses for the current year. Part III also requests information about credits and deductions the partner qualifies for.
Step 4
Fill out individual Schedule K-1 Forms for each additional shareholder in the partnership.
Step 5
Submit the completed K-1 forms, along with your regular tax return, to the IRS. Send a copy of each individual K-1 form to its respective partner by the tax filing deadline, which is four months and 15 days after the end of your partnership's tax year.