What is the K series of tax forms?

The K series covers tax forms that partnerships and S-corporations use to pass income, losses, and other tax items through to partners or shareholders. Each person then reports their share on their personal tax return. ## Core form: Schedule K-1 is the main form. Your partnership or S-corp prepares one for each partner or shareholder, showing that person's share of the entity's income, deductions, and credits for the year. ## When K-2 and K-3 may apply: If your entity has significant foreign transactions, you may also need Schedule K-2 and Schedule K-3. These supplemental forms provide additional detail on those foreign transactions. ## Who generally needs these schedules: Entities required to file Form 1065, Form 1120-S, or Form 8865 generally must prepare these schedules for their partners or shareholders. ## Timing and penalties: Schedule K-1s, and K-2s/K-3s when required, are generally due to partners or shareholders by the same date as the entity's tax return, typically March 15, or by the extended deadline if you filed for one. Missing this deadline can trigger IRS penalties per late or missing form, and penalty amounts are adjusted for inflation each year. ## How doola can help: doola's Tax and Compliance plan includes keeping your entity's K-series filings on track as part of your annual tax filing support.