Which K-1 do I have?
Form 1065 K-1 vs Form 1120-S K-1 vs Form 1041 K-1
Three forms share the name Schedule K-1 and almost nothing else. The same item sits in a different box on each, and some boxes exist on only one of them.
Definition
Three K-1s, three issuers
A Schedule K-1 reports your share of what a pass-through entity earned. Which form you get depends on what kind of entity sent it. The heading at the top of the page, right under the words Schedule K-1, names the form.
| Form | Issued by | You are the | Boxes |
|---|---|---|---|
| Schedule K-1 (Form 1065) | A partnership, or an LLC taxed as a partnership | Partner or LLC member | Boxes 1 to 23, with coded boxes 11 and 13 to 20 |
| Schedule K-1 (Form 1120-S) | An S corporation | Shareholder | Boxes 1 to 19, with coded boxes 10, 12, 13, 15, 16 and 17 |
| Schedule K-1 (Form 1041) | An estate or a trust | Beneficiary | Boxes 1 to 14, with coded boxes 9, 11, 12, 13 and 14 |
Box by box
The same item in a different box
Box numbers do not carry across forms. Interest income is box 5 on a partnership K-1, box 4 on an S corporation K-1 and box 1 on an estate or trust K-1. Read the label next to the number, not only the number.
| Item | Form 1065 | Form 1120-S | Form 1041 |
|---|---|---|---|
| Ordinary business income (loss) | 1 | 1 | 6 |
| Net rental real estate income (loss) | 2 | 2 | 7 |
| Other net rental income (loss) | 3 | 3 | 8 |
| Guaranteed payments | 4a, 4b, 4c | None | None |
| Interest income | 5 | 4 | 1 |
| Ordinary dividends | 6a | 5a | 2a |
| Qualified dividends | 6b | 5b | 2b |
| Royalties | 7 | 6 | 5 (other portfolio and nonbusiness income) |
| Net short-term capital gain (loss) | 8 | 7 | 3 |
| Net long-term capital gain (loss) | 9a | 8a | 4a |
| Collectibles (28%) gain | 9b | 8b | 4b |
| Unrecaptured section 1250 gain | 9c | 8c | 4c |
| Net section 1231 gain (loss) | 10 | 9 | Not a separate box |
| Other income (loss) | 11 | 10 | 5 |
| Section 179 deduction | 12 | 11 | None |
| Other deductions | 13 | 12 | 9 and 11 |
| Self-employment earnings (loss) | 14 | None | None |
| Credits | 15 | 13 | 13 |
| Schedule K-3 is attached if checked | 16 | 14 | None |
| Alternative minimum tax items | 17 | 15 | 12 |
| Tax-exempt income and nondeductible expenses | 18 | 16 (codes A to C) | See box 14, other information |
| Distributions | 19 | 16 (code D) | None |
| Other information | 20 | 17 | 14 |
In K1 FastTax
How each form is read
Form 1065 K-1: read box by box into fixed columns of the CSV, with codes, source lines and a checklist.
Form 1120-S and Form 1041 K-1: recognised from the form heading and the entity labels, read using that form's own box labels, and shown in the result with the source line beside each value. In the CSV their values go into one column, other_form_boxes, written as box and amount pairs, and the Form 1065 box columns stay empty on that row. That keeps a row from one form from being mistaken for another.
If the page does not say which form it is, the reader assumes Form 1065 and tells you so in the review list.
The IRS explains every box in its own instructions: the Partner’s Instructions for Schedule K-1 (Form 1065) and the Shareholder’s Instructions for Schedule K-1 (Form 1120-S). Pick the edition for the year on your K-1.
Plain answers
Questions about the three K-1 forms
How can I tell which K-1 I have?
Look at the heading. Schedule K-1 (Form 1065) is from a partnership or LLC taxed as a partnership. Schedule K-1 (Form 1120-S) is from an S corporation. Schedule K-1 (Form 1041) is from an estate or trust. Each form says so at the top, and Part I names the entity that issued it.
Who receives each kind of K-1?
Partners and LLC members receive the Form 1065 K-1. Shareholders of an S corporation receive the Form 1120-S K-1. Beneficiaries of an estate or a trust receive the Form 1041 K-1.
Why are the box numbers different between the forms?
Each form has its own layout. On the Form 1065 K-1, interest income is box 5 and distributions are box 19. On the Form 1120-S K-1, interest income is box 4 and distributions are reported as code D in box 16. The box numbers do not carry across, which is why K1 FastTax records which form it read.
Does an S corporation K-1 have guaranteed payments or self-employment earnings?
No. Guaranteed payments (box 4) and self-employment earnings (box 14) are on the Form 1065 K-1. The Form 1120-S K-1 has neither.
How does K1 FastTax treat a Form 1120-S or Form 1041 K-1?
It recognises the form, labels it, reads the boxes using that form's own labels and shows them in the result. In the CSV they are written into the other_form_boxes column, not the Form 1065 box columns, so rows from different forms never mix up.
What if my file contains K-1s of different kinds?
Each K-1 gets its own row, with its own form_type column. A single PDF with a 1065 K-1 and a 1120-S K-1 produces two rows.
Does the Form 1041 K-1 have the same boxes as the partnership K-1?
No. The Form 1041 K-1 starts with interest income in box 1, then dividends in 2a and 2b, then capital gains in 3 and 4a to 4c. Its coded boxes are 9 (directly apportioned deductions), 11 (final year deductions), 12 (alternative minimum tax adjustment), 13 (credits) and 14 (other information).
Where do I look up what a code means?
In the IRS instructions for your specific K-1: Partner's Instructions for Schedule K-1 (Form 1065), Shareholder's Instructions for Schedule K-1 (Form 1120-S), or Beneficiary's Instructions for Schedule K-1 (Form 1041), for the tax year printed on your K-1.
Is this comparison tax advice?
No. It describes how the forms are laid out, not how any item is taxed. For how an item is treated on your return, use the IRS instructions or a tax professional.
Not sure which one you have? Upload it
K1 FastTax names the form it read at the top of the result.