Are owner distributions for an partner LLC provided on K-1 (Form 1065)

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Yes, owner distributions for a partner LLC are provided on Schedule K-1 (Form 1065), which is a tax form used by partnerships, including limited liability companies (LLCs) taxed as partnerships, to report each partner’s share of the partnership’s income, deductions, credits, and other items.

Owner distributions, also known as partner distributions, are the payments made by the LLC to its owners or partners as a share of the profits or income generated by the business. These distributions are generally not considered taxable income for the owners, but rather a return of their investment in the business.

On the Schedule K-1, the partnership reports each partner’s share of the LLC’s income, gains, losses, deductions, credits, and distributions for the tax year. The partner then includes this information on their individual tax return and is responsible for paying any taxes owed on their share of the partnership’s income.

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