West Virginia’s Schedule K-1 is a tax form used by pass-through entities—such as partnerships, S corporations, and limited liability companies—to report each owner’s (partner, shareholder, or member) distributive share of income, deductions, credits, and other tax-related items. This form is required for owners who are liable for West Virginia state income tax on their share of the entity’s income, regardless of whether the income was actually distributed.
Key Features of West Virginia Schedule K-1
- Distributive Share Reporting: The form reports the owner’s share of the entity’s income, gains, losses, deductions, and credits. These amounts must be reported on the owner’s individual West Virginia income tax return.
- Withholding for Nonresidents: If the owner is a nonresident of West Virginia, the pass-through entity may be required to withhold state tax on the distributive share and report it on Schedule K-1.
- Exempt Income Reporting: Schedule K-1 includes a section for reporting interest or dividends from U.S. obligations or qualifying West Virginia obligations that are included in federal adjusted gross income but may be exempt from West Virginia income tax. Owners should use this information when determining any allowable West Virginia income modifications on their West Virginia income tax return.
Source:
West Virginia Schedule K-1 (2025)
Disclaimer: Always verify details with the official forms and instructions from the West Virginia Department of Revenue. Tax rules may vary based on individual circumstances, and professional advice from a CPA or tax attorney is recommended for complex situations.