Schedule K (Form 1065) – Partner Allocations and Items (2026)

Schedule K (Form 1065) – Partner’s Share of Income, Deductions, Credits, etc.

Last reviewed: 2025-10-25

Use the Form 1065sk: Schedule K (Form 1065) – Partner’s Share of Income, Deductions, Credits, etc. Tax Form Calculator Form 1065sk: Schedule K (Form 1065) – Partner’s Share of Income, Deductions, Credits, etc. as a stand alone tax form calculator to quickly calculate specific amounts for your 2026 1065sk state tax return. Alternatively, you can use one of our Combined Federal and State Tax Estimators to quickly calculate your salary, tax, and take-home pay.

Schedule K (Form 1065sk) summarizes the partnership’s income, deductions, credits, and other items for 2026. These totals are then allocated to partners on their Schedules K-1 according to the partnership agreement and applicable tax rules.

How to use this page: Enter amounts from the partnership’s books and supporting schedules. Read-only fields are computed totals. Ensure classifications match the latest instructions (ordinary business income, rental real estate, portfolio income, section 1231 items, credits, and other separately stated items). If applicable, complete international reporting on Schedules K-2/K-3 for foreign income, taxes, and activities.

Partner’s Share of Income, Deductions, Credits, etc.
Part I Information About the Partnership
A	Partnership’s employer identification number
B	Partnership’s name, address, city, state, and ZIP code
C	IRS Center where partnership filed return
D	Check if this is a publicly traded partnership (PTP)
Part II Information About the Partner
E	Partner’s identifying number
F	Partner’s name, address, city, state, and ZIP code
G	General partner or LLC member-manager Limited partner or other LLC member
H	Domestic partner Foreign partner
l1	What type of entity is this partner?
l2	If this partner is a retirement plan (IRA/SEP/Keogh/etc.), check here
J	Partner’s share of profit, loss, and capital (see instructions):
Beginning	Ending
Profit %	%
Loss %	%
Capital %	%
K	Partner’s share of liabilities at year end:
Nonrecourse $
Qualified nonrecourse financing $
Recourse $
L	Partner’s capital account analysis:
Beginning capital account $
Capital contributed during the year $
Current year increase (decrease) $
Withdrawals & distributions $
Ending capital account $
Tax basis GAAP Section 704(b) book Other (explain)
M	Did the partner contribute property with a built-in gain or loss?
Yes No
Part III Partner’s Share of Current Year Income, Deductions, Credits, and Other Items
1	Ordinary business income (loss)
2	Net rental real estate income (loss)
3	Other net rental income (loss)
4	Guaranteed payments
5	Interest income
6a	Ordinary dividends
6b	Qualified dividends
7	Royalties
8	Net short-term capital gain (loss)
9a	Net long-term capital gain (loss)
9b	Collectibles (%) gain (loss)
9c	Unrecaptured section 1250 gain
10	Net section 1231 gain (loss)
11	Other income (loss)
12	Section 179 deduction
13	Other deductions
14	Self-employment earnings (loss)
15	Credits
16	Foreign transactions
17	Alternative minimum tax (AMT) items
18	Tax-exempt income and nondeductible expenses
19	Distributions
20	Other information

Partner’s Share of Income, Deductions, Credits, etc.

Part I Information About the Partnership

Partnership’s employer identification number

Partnership’s name, address, city, state, and ZIP code

IRS Center where partnership filed return

Check if this is a publicly traded partnership (PTP)

Part II Information About the Partner

Partner’s identifying number

Partner’s name, address, city, state, and ZIP code

General partner or LLC member-manager Limited partner or other LLC member

Domestic partner Foreign partner

What type of entity is this partner?

If this partner is a retirement plan (IRA/SEP/Keogh/etc.), check here

Partner’s share of profit, loss, and capital (see instructions):

Beginning

Ending

Profit %

Loss %

Capital %

Partner’s share of liabilities at year end:

Nonrecourse $

Qualified nonrecourse financing $

Recourse $

Partner’s capital account analysis:

Beginning capital account $

Capital contributed during the year $

Current year increase (decrease) $

Withdrawals & distributions $

Ending capital account $

Tax basis GAAP Section 704(b) book Other (explain)

Did the partner contribute property with a built-in gain or loss?

Yes No

Part III Partner’s Share of Current Year Income, Deductions, Credits, and Other Items

Ordinary business income (loss)

Net rental real estate income (loss)

Other net rental income (loss)

Guaranteed payments

Interest income

Ordinary dividends

Qualified dividends

Royalties

Net short-term capital gain (loss)

Net long-term capital gain (loss)

Collectibles (%) gain (loss)

Unrecaptured section 1250 gain

Net section 1231 gain (loss)

Other income (loss)

Section 179 deduction

Other deductions

Self-employment earnings (loss)

Credits

Foreign transactions

Alternative minimum tax (AMT) items

Tax-exempt income and nondeductible expenses

Distributions

Other information

Filing reminders for 2026: Provide each partner with a complete Schedule K-1 reflecting their distributive share. Coordinate Schedule K amounts with Schedules L, M-1/M-3, and supporting forms (for example, Forms 4797, 4562, 8949). Keep records of allocations, special allocations, and capital account analyses. Most partnerships must file electronically and meet the due date generally falling on the 15th day of the third month after year-end.

Last reviewed: 2025-10-25: If you believe this form requires an update, please contact us.

What Schedule K reports

Income categories: ordinary business income, rental income, interest, dividends, capital gains/losses, section 1231, and other income.

Deductions and adjustments: guaranteed payments, charitable contributions, section 179, depreciation, and other separately stated deductions.

Credits: general business credits and other credit items requiring partner-level computation.

Other items: foreign activities (K-2/K-3), at-risk/passive activity disclosures, tax-exempt income and related expenses, and distributions.

Accurate completion of Schedule K supports correct partner reporting and reduces mismatch notices.

Frequently Asked Questions

Can I estimate the General Business Credit?

Start with Form 3800 and then reflect the credit here.

How much would a 401(k) contribution change my net?

Model it with the 401(k) Calculator then rerun this page with your pre-tax amount.

Considering an IRS Offer in Compromise?

Read through Form 656-B to understand eligibility and steps.

What does FICA include?

FICA includes Social Security and Medicare payroll taxes withheld from employee wages.

Is there a quick pay-frequency comparison?

Yes—switch frequency on this page; for employer filings see 941 vs 944.

Important Notes

All calculations are estimates for guidance only. Always review your return and consider professional advice when submitting official filings.