ID Form 1065 (Schedule K-1) 2024-2025

ID Form 1065 (Schedule K-1): What You Should Know

In addition to Form ID K-1 with which you must identify yourself, you must also identify your tax year. The tax year is determined by the year that your partnership begins and ends. Dec 12, 2025 — The state determines whether you have a partnership, business trust, cooperative corporation or limited liability company. In such cases, the state has entered “B.” Dec 25, 2025 — Your federal Form 1065 will be issued. You can use it to complete Form 1065-K. Do not fill out any other forms, as they will not be used for reporting income to you. If you file both IRS and State taxes, you can use the Form 1065-K for reporting income and itemized deductions. Form 1065-K/S, Schedule K-1 You can use Form 1065-K/S to report your share of income, deductions, credits, taxes paid and taxes withheld. It is used instead of Schedule K-1 for reportable information on your federal return. You can use Form 1065-K/S to report your share of income, deductions, credits, taxes paid and taxes withheld. It is used instead of Schedule K-1 for reportable information on your state return. Dec 25, 2025 — Your Illinois Schedule 1065 will be issued. Form 1065-K/S Partner's Share of Profit & Loss Schedule If your partnership, business trust, cooperatives or limited liability company has one or more partners, you can use Form 1065-K/S to report this partner's share of income, deductions, credits, taxes paid and taxes withheld. You receive this form by filing Form 1065-K (or Form 1065S in the case of a partnership) with the Illinois State Tax Commission. Enter on this schedule, in addition to the partner's personal or nonbusiness income, a line item representing the company's share of profit or loss which that partner has been or is expected to be involved in the operation of the business. This line item shows all the business's income from sales of goods and services but does not include the following items: Interest, investment income, interest and dividend income from savings, brokerage accounts and other interest income.

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