Schedule K-1 Due Date for Partners and Shareholders

17 October 2026 · Educational information · No affiliate links · 3 min read

General information, not tax, legal or financial advice. We are not the IRS. Check IRS.gov or a qualified tax professional. Sources read on October 17, 2026. Dates after 2026 are expected and amounts for 2026 returns may change. This page contains no affiliate links.

Short answer: the instructions for Form 1065 and Form 1120-S say Schedule K-1 must be provided to each partner or shareholder on or before the day the return is required to be filed. For calendar-year entities that is expected to be March 15, 2027.

Who gets one

Extension question

Form 7004 extends the time to file the return. Whether the K-1 may then be furnished later is not stated in the passages we read; ask your preparer and check IRS.gov. See the Form 7004 guide.

Corrections

If information on a K-1 or K-3 is incorrect, the 1120-S instructions say to file an amended Schedule K-1 or K-3 for that shareholder with the amended return and give a copy to the shareholder, checking the "Amended K-1" box.

Penalty for not furnishing a K-1 timely

Under the 2025 Form 1065 and 1120-S instructions, the penalty for each failure to furnish a correct Schedule K-1 (and K-3, if applicable) when due is $340 per schedule, and where the requirement to report correct information is intentionally disregarded each $340 penalty increases to $680 or, if greater, 10% of the aggregate amount of items required to be reported (sections 6722 and 6724). For statements required to be furnished in 2027, Rev. Proc. 2025-32 keeps the general amount at $340 and lists $690 (or 10%, if greater) for intentional disregard. The penalty is not imposed if the failure is due to reasonable cause.

Example (made-up numbers)

A calendar-year partnership with three partners does not give them their K-1s by March 15, 2027. In theory the $340 penalty could apply to each of the three schedules (up to $1,020), subject to reasonable cause and the instructions in force for that year.

FAQ

Does the partner need the K-1 to file their own return? The K-1 reports their share of items; the partner's own return rules are outside this page.

Is there one K-1 per entity? No, one per partner or shareholder.

What we could not verify

Sources (official)