The IRS issued on June 14, 2023 a draft of the Form 1065, Schedule K-1 for 2023. There are no instructions yet (which may take several months to get released). Here is a recap of the changes that ...

Partner's Share of Profit Loss and Capital The partner's account section of the Form 1065 Schedule K-1 lists the partner's percentage share of the partnership's profit, losses and invested capital.

Schedule K-1 Expenses Form LLCs filing as partnerships must prepare IRS Schedule K-1, "Partner's Share of Income, Deductions, Credits," when they prepare their income tax return, Form 1065.