Schedule K-1 (Form 65 Only): Owner’s Share of Income, Deductions, Credits, etc. (2024)

What you'll need

The form calls for the following information:

• The partnership’s employer identification number, name, and address.
• The partner’s identifying number, name, address, entity type, and partner status.
• The partner’s beginning and ending shares of profit, loss, and capital, plus year-end liabilities.
• Capital account amounts, including contributions, current-year increases or decreases, withdrawals, and distributions.
• Alabama and everywhere sales, and the entity’s total apportionment percentage.
• The partner’s share of income, deductions, credits, and other items.
• Credit codes and maximum allowable amounts from Schedule PC, if reporting those credits.

Common mistakes

• Do not use the tax identification number (TIN) of a disregarded entity in Part II, item C, for the partner’s identifying number.

Questions people ask

What does Schedule K-1 (Form 65) report?

It reports the owner’s share of income, deductions, credits, and other items. It also includes information about the partnership and the partner.

What information is requested for a nonresident partner?

Part II, item E6, asks you to check the nonresident box and provide the partner’s state of legal residence.

How does the form separate Alabama income information?

Part III has separate columns for the distributive share allocated and apportioned to Alabama and the distributive share to be reported by Alabama residents.

Where are credits from Schedule PC listed?

Item G provides spaces for credit codes and maximum allowable amounts from Schedule PC.

Can the form identify a final or amended K-1?

Yes. The form has separate checkboxes for “Final K-1” and “Amended K-1.”

Official sources

• https://www.revenue.alabama.gov/wp-content/uploads/2025/01/24f65schk1.pdf