Form K-1 is a United States Internal Revenue Service tax form used for reporting a tax return for income obtained through a business partnership. This form would be used be each partner in a business to report income or losses over a taxable year. Typically, this form is used by less involved investors in partnerships, rather than involved partners, who must report income on a Form 1065.
The Form K-1 can be obtained through the I.R.S' website or by obtaining the documents through a local tax office.

1. Begin by filling out section I of the form, indicating the partnership name, contact information, IRS office where partnership return was made, and whether the partnership is publicly traded.

2. In part II, you must include your personal information as an investment partner in the named partnership.

3. Provide your identifying number, name, address, and contact information.

4. Indicate your partnership status and whether you are an individual partner or a corporate entity.

5. On lines J and K, indicate your total profit, loss, and capital for both the beginning term and ending term.

6. Provide a capital account analysis on line L and indicate the capitalization information over the course of the tax year.

7. For part III, you must next list your share of income as a named partner. You must also state all deductions, credits, or other modifications in this section.

8. Provide the ordinary income or loss incurred as partner in line 1.

9. Next, go line by line indicating all forms of income and loses incurred in your role as partner. If a line does not apply to you, you may enter 0 or leave it blank.

10. If you are claiming any deductions, enter them on the appropriate lines on lines 12 and 13.

11. Once you have disclosed all taxable information, your Form K-1 is completed. You must attach it to your personal or corporate income tax return and claim the amounts as taxable income.

12. Retain a copy for your personal records.