The 2013 individual income tax return, Form 1040, is due on April 15, 2014. If you can’t file on time because you did not receive your K-1 timely, you will need to file an extension. Any tax due needs to be paid by April 15th. Failure to pay the tax then will result in interest and penalty.Click to see full answer. Beside this, what happens if I don’t get AK 1?When you fail to issue a K-1 to a beneficiary, not only does it prevent the beneficiaries from filing a complete and accurate tax return, but the IRS will also impose a $50 penalty on you for each one you fail to issue by the 1041 filing deadline. what is a beneficiary K 1 form? Schedule K-1 (Form 1041) – Beneficiary’s Share of Income, Deductions, Credits, Etc. is an informational tax form that shows the beneficiary’s share of an estate or trust. This form shows the pass-through of tax responsibility from the estate or trust to the person or entity that benefits from it. Secondly, what can you do with an AK 1? The purpose of the Schedule K-1 is to report each partner’s share of the partnership’s earnings, losses, deductions, and credits. It serves a similar purpose for tax reporting as one of the various Forms 1099, which report dividend or interest from securities or income from the sale of securities.Are K 1 distributions considered income?Just like any other income or tax document you get during tax season, you need to report your schedule K-1 when you file your taxes — for two reasons: It’s taxable income. It’s already been reported to the IRS by the entity that paid you, so the IRS will know if you omit it when you file taxes.