Schedule K (Form 1065) - Purpose
1

Schedule K is a summary schedule of all the partners’ share of income, credits, deductions, etc. Rental activity income (loss) and portfolio income are not reported on Form 1065, page 1. These amounts are combined with trade or business activity income (loss) and passed-through to the partners on Schedule K. The partnership issues a Schedule K-1 to each partner to report their share of the partnership's Schedule K income and deductions.