# Schedule K-1

> Schedule K-1 — The statement a partnership (with Form 1065) or an S corporation (with Form 1120-S) gives each owner, reporting that owner's share of income, deductions and credits for their own return.

Source: https://lopifi.com/glossary/schedule-k-1
Part of: Lopifi — US GAAP books on autopilot, checked by a CPA (https://lopifi.com)

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**What is schedule k-1?** In accounting, schedule K-1 means the statement a partnership (with Form 1065) or an S corporation (with Form 1120-S) gives each owner, reporting that owner's share of income, deductions and credits for their own return.

## Words this system refuses for it

- Form 1099
- Form W-2

- **Category:** Entity types
- **Specified in:** [Lexicon](https://lopifi.com/md/docs/domain/11-lexicon)
- **Related:** s-corporation, form-1120, statement