Answer: For each K-1 your household expects, your CPA needs the complete K-1 with every attached statement and state page, the Schedule K-3 if one came with it (or the issuer's notice that you'll get one only on request), and last year's K-1 from the same issuer. Add one list of what hasn't arrived, which K-1s were amended, and who each K-1 is made out to. The quickest way to build that list is last year's return: Schedule E, Part II names every partnership and S corporation that sent you a K-1, and Part III names every trust and estate.
Context: Written for the household member who gathers K-1s for the CPA: the one fielding "do you have everything?" in March, then again in September.
Updated for the 2026 tax year (filed in 2027). Last reviewed: September 30, 2026.
- Build the list of expected K-1s before any arrive. Last year's Schedule E is the starting point, adjusted for anything you bought, sold, or moved into a trust or LLC during 2026.
- Hand over K-1s by owner. You, your spouse, each trust, and each LLC can mean different returns and different CPAs.
- A K-1 isn't complete without its attached statements. Much of the detail your CPA needs, including state information and the qualified business income figures, lives there.
- Schedule K-3 carries the international information. If box 16 on a partnership K-1 (box 14 on an S corporation K-1) is checked, a K-3 is attached and belongs in the packet.
- Partnerships under the centralized audit regime generally don't issue amended K-1s. A correction can reach you later on Form 8986 instead.
It's natural to collect K-1s as they show up. The trouble is that a pile can't tell you what's missing. A list can.
- Pull last year's return. Schedule E, Part II lists each partnership and S corporation by name and employer identification number, with a P or an S beside it. Part III lists estates and trusts.
- Adjust for 2026. Add any interest you bought or were admitted to during the year. Mark any you sold, or that sent a Final K-1 last year. Note any interest you moved into a trust or LLC, since the 2026 K-1 will carry the new owner's name.
- Note the owner of each one. A K-1 to a non-grantor trust is reported on the trust's return, which may issue a second K-1 to you. Some irrevocable trusts are grantor trusts, whose items are reported by the grantor. Your CPA determines which applies.
- Add the expected timing. Partnership and S corporation K-1s for 2026 are due March 15, 2027, or September 15, 2027 if the entity extends. Trust K-1s are due April 15, or September 30 on extension. The K-1 due dates guide has the full table.
For each K-1 on the list, this is what your CPA will look for.
| Item | What to hand over | Why it matters |
|---|
| The K-1 itself | Every page, including "See attached statement" pages and state K-1s | Codes in boxes 13 and 20 point to statement detail; state information is often separate |
| Schedule K-3 | The K-3 if attached, or the notice saying you'll get one only on request | Needed for the foreign tax credit and other international items |
| Who it's made out to | The name and taxpayer ID in Part II | Decides which return the K-1 belongs on |
| Last year's K-1 | The prior-year K-1 from the same issuer | Your CPA compares ownership percentages, capital, and carryovers |
| Final or Amended box | Note it on your list | A Final K-1 can mean a sale; an Amended K-1 replaces an earlier one |
| Basis records | Contributions, distributions, and for S corporations, the stock and debt basis history (Form 7203) | Losses and distributions are limited by basis |
| Sale documents | Purchase or sale agreements for any interest sold during 2026 | The K-1 alone doesn't show your full gain or loss on a sale |
| Capital call and distribution notices | The 2026 notices | Help reconcile item L's capital account and box 19 distributions |
| Issuer estimates | Any estimated 2026 amounts sent before the final K-1 | Used for extension payments and planning |
A simple handoff sheet keeps this in one place. One row per K-1:
| Issuer | EIN (last 4) | Made out to | Form | Status | K-3 | Notes |
|---|
| Example Real Estate Fund III LP | 4821 | Family revocable trust | 1065 | Arrived March 2 | Not attached | Compare with 2025 item L |
| Example Growth Partners II | 1177 | You | 1065 | Extended; issuer expects August | Requested | Estimates received |
| Example Operating Co. | 9034 | You | 1120-S | Arrived February 20 | Not attached | Loan repayment in 2026 |
(The rows above are an illustration, not real entities.)
A K-1 is missing when it's on your list and hasn't arrived. Before assuming it's late, rule out the usual reasons:
- It's on time. An extended partnership has until September 15, 2027, and an extended trust until September 30.
- It went to a portal. A fund may post K-1s to an investor portal and send only a short email, which is easy to miss.
- It went to the old owner. If the interest moved into a trust or LLC, or a partner died, the K-1 may carry a name you're not searching for.
- The interest ended. Last year's K-1 may have been marked Final.
If none of those explain it, ask the issuer when it plans to send the K-1 and whether it extended. The K-1 due dates guide includes a note you can copy. Then tell your CPA the status: which K-1s are out, what each issuer said, and whether you're planning to extend your own return.
An amended K-1 replaces one the issuer already sent. What happens depends on the entity.
S corporations, and partnerships outside the centralized audit regime. The entity files an amended return and gives you an amended K-1 with the "Amended K-1" box checked at the top. If your return already went in using the original, your CPA decides whether you need to amend yours.
Partnerships under the centralized audit regime. The Bipartisan Budget Act of 2015 set up this regime. It covers every partnership that hasn't elected out, and only a partnership with 100 or fewer eligible partners can elect out. Eligible partners are individuals, C corporations, S corporations (whose shareholders count toward the 100), certain foreign entities, and estates of deceased partners, so a fund with a trust or another partnership among its partners is in it. The IRS instructions say these partnerships file an administrative adjustment request (AAR) and shouldn't file an amended return or amended K-1s. If the adjustments pass through to partners, the partnership furnishes Form 8986, and the partner takes the adjustments into account in the year the Form 8986 is furnished, not by amending the earlier year. So a correction to a 2025 K-1 may show up on your return for the year you receive the Form 8986, for example your 2027 return, filed in 2028.
Either way, hand your CPA both versions and mark which one replaces which. A second K-1 from the same issuer with the Amended box unchecked is worth a question to the issuer before it goes into the packet.
Schedule K-3 (Form 1065 for partnerships, Form 1120-S for S corporations) reports a partner's or shareholder's share of items of international tax relevance. For an individual, the part that usually matters is the information for Form 1116, the foreign tax credit. The IRS tells partners not to use box 21 (foreign taxes paid or accrued) to complete Form 1116 and to use Schedule K-3 instead.
How to tell if you have one. On a partnership K-1, box 16 says "Schedule K-3 is attached if checked." On an S corporation K-1 it's box 14.
When you won't get one automatically. A domestic partnership with no foreign activity, or limited foreign activity, can skip Schedule K-3 under the domestic filing exception if every direct partner is one of the U.S. partner types the IRS lists (such as U.S. citizens, resident aliens, and certain domestic trusts, estates, S corporations, and single-member LLCs), it notifies partners, and no partner asks for a K-3 by the "1-month date." That's one month before the partnership files Form 1065. For the 2025 tax year, the IRS gave August 17, 2026 as the latest 1-month date for an extended calendar-year partnership. The 2026 instructions will set the next one.
If you need one after that date. A partnership that gets a request after the 1-month date still has to provide the K-3 no later than one month after the request. Under the 2025 instructions, a request has to be made each year, or say specifically that it covers later years.
When it's worth asking for. If you claim a foreign tax credit, or your fund invests abroad and you're not sure, ask your CPA whether to request one, and when. The partner's K-3 instructions explain each part.
Having answers ready shortens the back and forth:
- Is this every K-1 you expect? Which are still out, and when did each issuer say it would send them?
- Did you buy, sell, or transfer any interests in 2026? Into or out of a trust or LLC?
- Did any K-1 show a loss, a Final box, or an Amended box?
- Did you receive distributions larger than usual, or make capital contributions?
- Do any of your funds hold foreign investments, and did any send a K-3?
- Should we extend your return, and what estimate should go with the extension?
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What is Schedule K-3?
Schedule K-3 reports a partner's or S corporation shareholder's share of items of international tax relevance, such as the information needed to figure a foreign tax credit on Form 1116. It's issued alongside Schedule K-1 by partnerships (Form 1065) and S corporations (Form 1120-S) that are required to provide it.
How do I know if my K-1 came with a K-3?
Look at box 16 on a partnership K-1 or box 14 on an S corporation K-1. If it's checked, Schedule K-3 is attached.
Can I get a K-3 if the partnership didn't send one?
Yes, by asking for it. A request by the 1-month date means the partnership can't use the domestic filing exception for that year and provides the K-3 with the return. A request after that date leaves the exception in place, but the partnership still has to provide the K-3 within one month of the request.
What should I give my CPA for my K-1s?
Each complete K-1 with every attached statement and state page, any Schedule K-3, last year's K-1 from the same issuer, basis and sale records where they apply, and a list showing which K-1s are still missing, which were amended, and who each K-1 is made out to.
What is an amended K-1?
An amended K-1 replaces one the issuer already sent, and has the "Amended K-1" box checked. Partnerships under the centralized audit regime generally don't issue amended K-1s. They file an administrative adjustment request, and any pass-through adjustments reach partners on Form 8986.
What do I do if a K-1 never arrives?
Check the issuer's portal and whether the K-1 was sent in another owner's name, then ask the issuer whether it extended and when it will send the K-1. Tell your CPA the status so you can decide together whether to extend your return.
- IRS: Schedule E (Form 1040) (2025), Part II and Part III
- IRS: Instructions for Form 1065 (2025), Amended Return and Administrative Adjustment Request (AAR)
- IRS: Instructions for Form 1120-S (2025), Amended Return
- IRS: Instructions for Form 1041 (2025), grantor type trusts
- IRS: File an administrative adjustment request for a BBA partnership
- IRS: Instructions for Form 8986, reporting year
- IRS: Partnership Instructions for Schedules K-2 and K-3 (Form 1065) (2025), domestic filing exception and the 1-month date
- IRS: Partner's Instructions for Schedule K-3 (Form 1065) (2025)
- IRS: Partner's Instructions for Schedule K-1 (Form 1065) (2025), box 16, box 21, and Sale or Exchange of Partnership Interest
- IRS: Shareholder's Instructions for Schedule K-1 (Form 1120-S) (2025), Form 7203 and box 14
X1 Wealth provides planning and coordination tools. It does not prepare or file tax returns. This content is for informational purposes only and does not constitute legal, tax, or investment advice. Consult a qualified professional for advice specific to your situation.
