Intuit Academy Tax Practice Exam

When is Schedule K-1 typically issued to taxpayers?

1. By January 31

2. By March 15

3. By April 15

4. By December 31

The correct answer is: By March 15

Schedule K-1 is typically issued to taxpayers by March 15. This timing is tied to the deadlines for partnerships and S corporations to file their tax returns. Partnerships and S corporations are required to file their returns by March 15 of the year following the tax year in question. Alongside this filing, they must provide Schedule K-1 to each partner and shareholder, which details each individual's share of income, deductions, and credits from the business. The other options reflect dates that do not align with the established deadlines for tax filings. For instance, January 31 is a deadline for issuing various forms related to employee wages and retirement plan contributions, while April 15 is the deadline for individual tax returns, not for issuing Schedule K-1. December 31 is simply the end of the tax year and does not relate to the issuance of K-1 forms. This makes the March 15 date the only correct and appropriate choice for when K-1s are issued.