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Schedule K-1

The statement a partnership gives each owner showing their share of its income, deductions and credits, filed with Form 1065.

The short answer, then the detailChecked September 2026

The detail

What it means in practice.

Each member of a multi-member LLC gets a Schedule K-1 showing their share of the company's income, deductions and credits for the year. A foreign member of a partnership with no US trade or business generally has nothing to report to the IRS from it, though their own country's return is another matter.

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