Form 1065 K-1 is a tax document used by partnerships to report each partner's share of income, deductions, and credits. It is part of the IRS Form 1065, which is the partnership tax return. Each partner receives a K-1, detailing their specific financial information for the tax year. The information on the K-1 is essential for partners to accurately report their earnings on their individual tax returns. It includes details such as the partner's share of profits, losses, and other tax-related items, ensuring that each partner pays the correct amount of tax based on their partnership involvement.