What Is a Schedule K-1?

A Schedule K-1 is a form that reports your share of income, deductions, and credits from a partnership, S corporation, trust, or estate. The entity files a main return and issues K-1s to each owner or beneficiary. You use the K-1 to complete your personal return — the income, losses, and credits flow to Schedule E. K-1s can be complex and often arrive later than other tax documents. Don't file your return until you've received all your K-1s.