Part One

• The first section of Schedule K-1 lists the employer identification number (EIN) and address of the partnership, as well as its IRS filing location and PTP (publicly traded partnership) status.
  
  

Part Two

• Schedule K-1's second section includes information about a partner, including an identifying number, name and address.
  
  

Part Three

• Section three of Schedule K-1 provides financial details related to a partner's profits, losses and liabilities recorded for the relevant year, individual amounts for different types of credits, deductions and income. The partnership can attach additional sheets if more room is needed.
  
  

Time Frame

• There is no deadline for partnerships to file Schedule K-1, though beneficiaries must submit their personal tax returns by a certain date.
  
  

Considerations

• To avoid IRS penalties, investors should ensure the partnership information included on their personal tax returns accurately reflects the amounts reported on the Schedule K-1.