You will check the box "this is the final K-1" if the partnership is filing its last return because it was dissolved before the end of the tax filing year.
If you are the partnership creating the K-1 you would provide the date the partnership was dissolved and indicate that it this is the final time the partnership is filing a return.
If you are entering a K-1 on your personal tax return, you will check it and enter the date if that information is provided on the K-1you have received.
The IRS is asking here if it's the last time the partnership is issuing a K-1 (and filing a 1065). There are some instances where an individual taxpayer may be getting the last K-1 they will receive for a particular entity (such as after the taxpayer has sold interest in a publicly traded partnership), but the box isn't used in that instance.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
