Partnerships are also generally required to complete a federal Schedule K-1, Partner’s Share of Income, Deductions, Credits etc., for each person who was a partner at any point during the tax year.  

The K-1 form lists the partner’s name, address and percentage share of profits, losses, capital and liabilities. It then lists the partner’s share of ordinary business income or loss, rental income or loss and interest income. It also includes the partner’s self-employment income, credits and distributions.

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