41-018: IA 1065 Schedule K-1 41-018 (2024)
Iowa · Iowa DOR · Used for tax years 2024
The 2024 IA 1065 Schedule K-1 reports a partner’s share of income, deductions, and Iowa modifications from a partnership or limited liability company. It also reports Iowa credits and composite tax paid on the partner’s behalf.
Who files this form
The partnership must include completed Iowa Schedule K-1s, including any additional attachments, for all partners with its IA 1065 Partnership Return.
Partners may have an Iowa filing requirement even if they are not Iowa residents. A return must be filed to claim composite, pass-through entity tax (PTET), or other tax credits.
The partnership must file a composite return on behalf of its nonresident partners, except under certain circumstances. It should notify partners if it has done so.
What you'll need
To complete the schedule, have the information requested on the form ready:
- Partnership or LLC name, address, and federal employer identification number (FEIN).
- Partner name, address, taxpayer ID number, residency status, entity type, and ownership percentage.
- Partner’s share of Iowa receipts, receipts everywhere, and total nonbusiness income.
- Partnership business activity ratio (BAR) from IA 1065, Schedule E, line 13.
- Partner’s share of income, deductions, Iowa modifications, and Iowa allocated income, with federal/all-source amounts and amounts attributable to Iowa.
- Whether the partnership made a PTET election for the tax year.
- Iowa composite tax paid for the partner on the 2024 IA PTE-C and the Iowa PTET credit reported to the partner.
- Iowa credit amounts, tax credit codes, and certificate numbers.
Include any additional K-1 attachments with the completed schedules.
How to file
Include completed Iowa Schedule K-1s for all partners, together with any additional attachments, with the IA 1065 Partnership Return.
The form does not provide a mailing address or e-file directions. It directs partners to revenue.iowa.gov or to call 515-281-3114 or 800-367-3388 for filing information.
Common mistakes
- Leaving out a partner’s K-1 or its attachments. Completed Iowa Schedule K-1s and additional attachments for all partners must be included with the IA 1065 Partnership Return.
- Assuming nonresidents have no Iowa filing requirement. The form warns that partners may need to file even if they are not Iowa residents.
- Not filing a return to claim credits. A return must be filed to claim composite, PTET, or other tax credits.
Questions people ask
Could I need to file an Iowa return if I live outside Iowa?
Yes. The form says you may have an Iowa filing requirement even if you are not a resident.
Does the partnership file a composite return for nonresident partners?
The partnership is required to do so except under certain circumstances. It should notify you if it has filed one on your behalf.
Must I file a return to claim a PTET or composite tax credit?
Yes. The form says a return must be filed to claim composite, PTET, or other tax credits.
Where are composite tax payments and PTET credits reported?
Part III reports Iowa composite tax paid on the partner’s behalf on the 2024 IA PTE-C and the Iowa PTET credit reported to the partner.