How CPA firms request a Schedule K-1 from clients
By Arthur Teboul, DokuTrak · Published
In short
Ask the owner for every Schedule K-1 they received from other partnerships, S corporations, trusts or estates, besides the one from their own company. Ask for the full package with the supplemental statements, not page one alone. Partnership K-1s often arrive late, after the entity extends, so ask early and track what is still pending.
Why CPA firms need a Schedule K-1
A business owner’s K-1s rarely stop at their own company. Each one carries income, losses, guaranteed payments and separately stated items onto the owner’s Form 1040, and each one moves the owner’s basis in that entity. Basis tells you whether a loss can be deducted this year or stays suspended, whether a distribution is taxable, and, for S corporation shareholders, what goes on Form 7203. A missing K-1 makes the basis schedule you carry forward drift from year to year.
What exactly to ask for
Every Schedule K-1 (Form 1065, 1120-S or 1041) for the tax year, with all pages and attached statements, and state K-1s where issued. Ask the owner to list every entity they hold an interest in, so you count K-1s against that list. For a new client, also ask for the basis worksheets or Form 7203 from the prior preparer.
What to check when it arrives
- The entity’s EIN and the owner’s share on the K-1 match the entity list and the ownership you have on file.
- Distributions and capital contributions shown on the K-1 are carried into your basis schedule for that entity.
- The Final K-1 or Amended K-1 box is checked where it applies, and the statements behind codes such as section 199A information are attached.
Email to send your client
Replace the bracketed parts. The same text fits in the message of a DokuTrak request (up to 1,000 characters).
Subject: Your K-1s from other businesses
Hi [Client name],
Besides your own company’s return, I need every Schedule K-1 you received this year from other partnerships, S corporations, trusts or estates you hold an interest in, even a small one.
Please send the full package each entity sent you, including the pages of statements after the form. Those pages carry the details I need to keep your basis in each investment up to date.
Some K-1s come late, so please send what you have by [date] and tell me which ones are still pending. If you are unsure which entities send you one, reply with a list and I will help you check.
Thank you, [Your name]
Ask once. DokuTrak does the chasing.
- Your client uploads from one link, with no account and no password.
- Reminders go out on a schedule, by default 2, 5, 10 and 14 days after the request, until the file arrives.
- With AI review switched on in your workspace (it is off by default), each upload gets a first pass that flags a file that is not a Schedule K-1 or an unreadable or blurry scan. It says so when it is not sure.
- You accept every file or mark it for re-upload, and your client gets the note by email. The AI never accepts a file.