The schedule a partnership, S corporation, or trust issues to each owner showing their share of income, deductions, and credits. It flows to the owner's personal return.
K-1s arrive late, often after April 15, which is why partners and S corporation owners extend. The figures on a K-1 include income you may never have received in cash, and basis tracking determines whether distributions are taxable. Losses are limited by basis, at-risk rules, and passive activity rules.
You amend the return. Extending in the first place avoids that, which is why we extend clients who expect K-1s.
Last reviewed September 10, 2026. Tax rules change; confirm current law before acting.
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