K-1: Schedule of WV Partner/Shareholder/Member/Beneficiary Income, Loss, Modification, Credits, and Withholding (2024)
West Virginia · WV Tax Division · Used for tax years 2024
West Virginia Schedule K-1 reports a partner’s, shareholder’s, member’s or beneficiary’s share of income, gains, losses, modifications and credits from a pass-through entity. It also reports West Virginia tax withheld for nonresident owners.
Who files this form
Pass-through entities use West Virginia Schedule K-1 to report each owner's share of income, gains, losses, modifications, credits, and any required nonresident withholding.
- Provide Schedule K-1 to every owner that is not a C corporation. Use Schedule K-1C for C corporation owners.
- Owners receiving Schedule K-1 must file a West Virginia tax return that includes all West Virginia Schedules K-1 provided to them.
- Partners, members, and shareholders must report their share of income even if it was not distributed to them.
What you'll need
To complete Schedule K-1, have the following information available:
- The organization's taxable-year beginning and ending dates, name, address, identification numbers, and entity type.
- The owner's name, address, identification numbers, and percentage of ownership.
- The owner's share of income and any nonresident withholding amounts.
- The entity's Schedule B for the owner's share of modifications reported on lines 2 through 10.
- The entity's Schedule PTE-100TC for the owner's share of credits reported on lines 11 through 31.
Owners must include all West Virginia Schedules K-1 they receive with their West Virginia tax return.
How to file
The entity provides West Virginia Schedule K-1 to all owners that are not C corporations.
As an owner, include all West Virginia Schedules K-1 provided to you with your West Virginia tax return. Report your share of income or loss, credits, deductions, and other items for the year in which the entity's tax year ends.
The supplied text does not give a mailing address or e-filing instructions.
Common mistakes
- Using the wrong schedule for a C corporation owner. Use Schedule K-1C, not Schedule K-1.
- Leaving out income because it was not distributed. Partners, members, and shareholders must include their share of income whether or not they received a distribution.
- Omitting a Schedule K-1 from the owner's return. Include all West Virginia Schedules K-1 provided to the owner.
- Missing the information-only reporting steps. When the organization submits a K-1 for information purposes, it must check the “From SP” box and include the partner, shareholder, member, or beneficiary on Schedule SP.
Questions people ask
Do I report income even if the entity did not distribute it to me?
Yes. Partners, members, and shareholders are liable for tax on their share of income whether or not it was distributed, and must include that share on their individual income tax return.
Which return year should include my Schedule K-1 items?
Include the items on your West Virginia income tax return for the year in which the entity's tax year ends.
Where is nonresident withholding reported?
In the withholding section, line 1 reports the nonresident owner's distributive share of income, and line 2 reports the amount withheld for that owner.
What does “From SP” mean?
It identifies an information-only K-1. When submitting the K-1 for information purposes, the organization must check that box and include the partner, shareholder, member, or beneficiary on Schedule SP.