Getting through K-1 season
The calendar, the data, the delivery — and how to stop LPs chasing their forms.
When are K-1s due for private funds?
For calendar-year partnerships, the partnership return and Schedule K-1s are due March 15, with an automatic extension available to September 15. Many private funds extend because they depend on K-1s from underlying investments, so LPs often receive K-1s late in the extension period.
The data your preparer needs
Partner capital accounts that reconcile to the financial statements, allocations of each income and deduction item, ownership changes during the year, and details of transfers and new partners. If this data comes from a spreadsheet beside the books, expect questions.
K-2 and K-3
Since the 2021 tax year, partnerships with items of international tax relevance report them on Schedules K-2 and K-3. Many funds issue K-3s broadly; some use the domestic filing exception where eligible. Your preparer decides.
Estimates
Issuing tax estimates before final K-1s helps LPs, particularly individuals and tax-exempt investors, plan their own filings.
Delivery
Bulk-match finished K-1s to investor records, review, and release on a set date with a notification. A download log answers the inevitable "we never received it".
Questions
Does FUN/D prepare K-1s?
No. It supplies the data and handles matching and delivery.
Can LPs download K-1s on their phones?
Yes, through the FUN/D mobile app.
Want to see this on your own fund?
Name and work email. A person replies within one business day, usually with times for a demo on a structure like yours.
Talk to us
Name and work email. We reply within one business day, from a person.
Sent.
Someone from FUN/D will email you within one business day. If it's urgent, call +1-212-658-0862.