what is irs schedule k 1 
schedule k 1 is an internal revenue service irs tax form that s issued annually it reports the gains losses interest dividends earnings and other distributions from certain investments or business entities for the previous tax year these are usually pass through entities that don t pay corporate tax themselves because they directly pass profits on to their stakeholders or investors participants in these investments or enterprises use the figures on the k 1 to compute their income and the tax due on it 2who gets an irs schedule k 1 among those likely to receive a schedule k 1 are 