565 Schedule K-1: Partner's Share of Income, Deductions, Credits, etc. (2025)
California · FTB · Used for tax years 2025
California Schedule K-1 (565) reports a partner’s share of partnership income, losses, deductions, credits, and other tax items for 2025. It shows federal amounts, California adjustments, totals under California law, and California-source amounts and credits, along with the partn
What you'll need
Have the information and supporting documents needed for the applicable parts of the schedule:
- Partner and partnership details: Names, addresses, the partner’s identifying number, the partnership’s FEIN, and its California Secretary of State file number.
- Partner’s financial information: Beginning and ending profit, loss, and capital percentages; shares of liabilities; and tax basis capital account information.
- Federal Schedule K-1 (Form 1065): Column (b) asks for amounts from this federal schedule. The form also asks for California adjustments and California-source amounts and credits.
- Form 592-B, if applicable: For a calendar-year partnership, line 15a states that total withholding equals the amount on Form 592-B.
- Required attachments: A statement if the partner contributed property with a built-in gain or loss; an explanation for other capital account increases or decreases; schedules for other portfolio income, other income, other loss, and other deductions; and required schedules or statements for other credits.
Common mistakes
- Entering amounts on a California return without checking the partner instructions. The form cautions partners to refer to the Partner’s Instructions for Schedule K-1 (565) before entering information from this schedule on their California return.
Questions people ask
What does Schedule K-1 (565) report?
It reports a partner’s share of income, deductions, credits, and other items, including distributions, liabilities, and tax basis capital account information.
How are federal amounts and California amounts shown?
Column (b) shows amounts from federal Schedule K-1 (Form 1065). Column (c) shows California adjustments. Column (d) combines columns (b) and (c) to show total amounts using California law. Column (e) shows California-source amounts and credits.
Can the schedule be marked as final or amended?
Yes. Item H has separate boxes for a final Schedule K-1 (565) and an amended Schedule K-1 (565).
What if the partner contributed property with a built-in gain or loss?
Item J asks whether this happened. If the answer is yes, the form requires an attached statement and directs you to see the instructions.