If the Schedule K-1 you received is blank or has zeros in all boxes, then you do not need to report it to the IRS.
What if the K-1 shows no income or loss, but has numbers in the capital account analysis and the partners share of profit , loss and capital and share of liabilities?
I am divorcing my husband. He and I own 25% of some income properties. When we divorce I will keep 100% ownership but only get 20% of the income in order to make our incomes even. Will I have to pay taxes on the ownership percentage or the income percentage?
S-corporations and other pass-through entities are required to issue their Schedules K-1 by March 15, the deadline for Forms 1120S and 1065, or by the extended deadline, which is September 15.
If you have not received your K-1 by March 15, you should contact the company that issues it.