What information is included on a K1 statement?

Answer by  Att4372 (1704)

A K1 is a partnership statement and contains the types of income received and types of expenses paid. These amounts are allocated by percentage to the partners.

Answer by  YourMoneyAnswerGal (654)

The name, address, and tax identification number of the shareholder. The shareholders individuals contributions to the corporation, as well as those amounts at risks. Further the shareholders ownership in business assets and liabilities and capital items, as well as income and loss. The K1 informs the shareholder what information is to be transferred to their individual forms.

Answer by  Chaneygirl (1755)

Generally the name and other info about the entity and recepient and income (possibly expenses) of the entity issuing the K1. Businesses issuing K1's would show income/loss broken up by category of income and any specific items flowing through to the recipient. Estates & trusts would show income broken up by category as well as some expenses/adjustments.

Answer by  cynosure (376)

A K1 statement sets forth all of the disbursements to a beneficiary, and any deductions or credits allowed against those earnings, from an estate or trust.