Do I pay taxes on K-1 income even if I did not receive cash?

In many cases, yes. K-1 income is taxable based on allocation, not distributions.

What is the difference between a 1065 K-1 and a 1120-S K-1?

Both report pass-through income, but they come from different business entity types with different rules.

What happens if my K-1 is wrong or changes?

Corrected K-1s can require updates to your tax return. We help review and address changes properly.

How do I get started?

Schedule a free consultation and we will review your K-1 reporting needs.

Schedule K-1 Tax Prep for Partnerships & S Corps

Mistakes on your Schedule K-1 are costly.

Misreporting K-1 income is a common cause of IRS notices, amended returns, and unexpected tax bills. Our Schedule K-1 service helps ensure everything flows correctly from the business return to your personal filing.

Built for pass-through businesses

We support partners and shareholders who receive K-1s from partnerships (Form 1065) and S corporations (Form 1120-S).

Focused on accuracy and consistency

Your K-1 is reviewed in the context of both the business return and your personal return so nothing is duplicated, missed, or misclassified.

Plain-language guidance

We explain what your K-1 means, how it affects your taxes, and what to expect before anything is filed.

What our Schedule K-1 service covers

Professional support to correctly report pass-through income on your tax return.

K-1 Review & Reporting

Review of Schedule K-1 from Form 1065 or Form 1120-S
Accurate reporting of income, losses, and deductions
Proper integration with your personal tax return

Business & Personal Tax Alignment

Coordination between business and individual filings
Review for consistency across returns
Reduced risk of IRS mismatches

Compliance & Filing Support

Filing aligned with IRS pass-through reporting rules
Support if corrected or amended K-1s are issued
Guidance if questions arise after filing

Review of Schedule K-1 from Form 1065 or Form 1120-S
Accurate reporting of income, losses, and deductions
Proper integration with your personal tax return

Handle your K-1 the right way

Get clarity around your partnership or S corp income and avoid costly filing mistakes.

Packages & pricing

1-800Accountant has serviced over 100,000 businesses in the last decade. We'll keep your books in order and maximize your tax savings. Get the suite of tax services your business needs at a price that works for you. *Billed annually

Core Accounting

Best for businesses that need more advanced features, including tax filing and planning, to maximize their tax savings.

$299/mo*

1-800Accountant has serviced over 100,000 businesses in the last decade. We'll keep your books in order and maximize your tax savings. Get the suite of tax services your business needs at a price that works for you. *Billed annually

View All

Core Accounting

Best for businesses that need more advanced features, including tax filing and planning, to maximize their tax savings.

$299/mo*

Packages & pricing

1-800Accountant has serviced over 100,000 businesses in the last decade. We'll keep your books in order and maximize your tax savings. Get the suite of tax services your business needs at a price that works for you. *Billed annually

View All

Customer spotlight

"I have been with 1-800Accountant for 10+ years, and my payroll experience with Fatima P. has been the best so far. Her professional and compassionate demeanor is unparalleled, and her follow-through is exceptional. I appreciate her help and dedication to my payroll account so much."

Massage Logic LLC

Carrie Stone

Massage Logic LLC

Carrie Stone

Your path to clear K-1 reporting

See how professional support simplifies reporting pass-through income.

Month 1

K-1 & Ownership Review

We review your ownership details and K-1 forms to understand how income should be reported.

Month 2

Tax Impact Analysis

Your share of income, losses, and deductions is reviewed for accuracy and tax impact.

Month 3

Accurate Filing

Your K-1 information is correctly included in your personal tax return.

Month 12

Ongoing Readiness

You are better prepared for future filings, amendments, and estimated taxes.

The Result

Fewer surprises, fewer corrections, and confidence in your pass-through tax reporting.

We’re more than just business tax prep

Let us handle it all—no more bouncing between services. From payroll to everything else you need.

LLC & Corporation Business Formation

Setting up a business with us is simple and efficient, helping you start on the right financial footing.

Learn More

Payroll for Small Businesses

Payroll services that handle employee payments, tax calculations, and filings so you can pay your team with confidence.

Learn More

Bookkeeping for Small Businesses

Ongoing bookkeeping with clear reports that help you understand your numbers and keep your business organized.

Learn More

LLC & Corporation Business Formation

Setting up a business with us is simple and efficient, helping you start on the right financial footing.

Learn More

Payroll for Small Businesses

Payroll services that handle employee payments, tax calculations, and filings so you can pay your team with confidence.

Learn More

Bookkeeping for Small Businesses

Ongoing bookkeeping with clear reports that help you understand your numbers and keep your business organized.

Learn More

Frequently Asked Questions

Partners in partnerships and shareholders in S corporations typically receive a Schedule K-1.

Schedule K-1 Tax Services for Small Businesses

Mistakes on your Schedule K-1 are costly.

Built for pass-through businesses

Focused on accuracy and consistency

Plain-language guidance