OR-K-1: Schedule OR-K-1, Distributive Share of Income, Deductions, Credits, etc. (2024)
Oregon · Oregon DOR · Used for tax years 2024
Schedule OR-K-1 reports a pass-through entity owner’s distributive share of income, losses, adjustments, Oregon additions and subtractions, credits, and payments. It includes federal and Oregon amounts, along with information about the entity and owner.
Who files this form
The 2024 Schedule OR-K-1 is for owners of pass-through entities (PTEs). It reports the owner’s distributive share of income, deductions, credits, and other items.
The owner types listed are:
- General partner or LLC member manager.
- Limited partner or other LLC member.
- Shareholder.
- Beneficiary.
Keep this schedule with your tax records. Do not submit it with your individual tax return or the PTE return.
What you'll need
The schedule asks for:
- The PTE’s federal employer identification number, name, business code number, and address.
- The owner’s Social Security number, name, address, owner type, and Oregon residency information.
- The owner’s beginning and ending share of profit and loss or stock ownership.
- The apportionment percentage and federal and Oregon distributive share amounts.
Include schedules for any reported other income or losses, other adjustments, other additions, other subtractions, and credits.
The payment lines ask for the PTE owner payment from Form OR-19 and tax paid on Form OR-OC filed on the owner’s behalf.
How to file
Keep Schedule OR-K-1 with your tax records. Do not submit it with your individual tax return or the PTE return.
Common mistakes
- Submitting Schedule OR-K-1 with an individual tax return or the PTE return. The form says not to submit it with either return.
- Failing to keep the schedule with your tax records. The form specifically reminds you to keep it.
Questions people ask
Should I submit Schedule OR-K-1 with my tax return?
No. Keep it with your tax records. The form says not to submit it with your individual tax return or the PTE return.
Does the schedule show both federal and Oregon amounts?
Yes. Part III has separate federal and Oregon columns for distributive share items.
What residency information does the form request?
Part II asks whether the owner is an Oregon resident. If the answer is no, it asks for the owner’s state of legal residence.
Where are payments made on the owner’s behalf reported?
Line 20 is for the PTE owner payment from Form OR-19. Line 21 is for tax paid on Form OR-OC filed on the owner’s behalf.