A K-1 is a tax form used to report the income, losses, and dividends for a business or financial entitys partners or an S corporations shareholders. It is a document that is prepared annually by many limited liability companies (LLCs) and other “pass-through” entities (including trusts, estates, and S-corporations) whose taxes may be passed onto partners rather than paid by the company. The K-1 breaks down each partner’s share of the partnership’s income, losses, deductions, and credits for the tax year. K-1s are typically prepared by the LLC’s accountant and included in the partnership’s tax return, called a Form 1065. They are also distributed to each partner. The information on the K-1 may have state, federal, and international tax implications. K-1s are due by March 15th if the entity follows the calendar year, and if the entity follows a different fiscal year schedule, then the K-1 is due to federal tax authorities on the fifteenth day of the third month after the end of the partnership’s tax year.