Extract data from Form 1065 and K-1s
Unstract reads every Schedule K-1 a client or fund sends, from partnerships, S corporations and trusts, scanned, late or amended, and hands each box and code to your tax software as checked data.
amended 3/28, replaces the K-1 we got 3/14
Schedule K-1 (Form 1065) 2025
{ "form": "Schedule K-1 (Form 1065)", "tax_year": 2025, "partnership": "Halvorsen Ridge Partners LP", "partner": "Margaret L. Ostrander", "partner_type": "Limited partner", "ordinary_business_income": 24180, "rental_real_estate": 6350, "distributions": 21500, "ending_capital": 253510, "confidence": 0.94}
Trusted by tax and accounting teams around the globe
K-1s land late, in every layout, and some of them twice
An investor with a dozen holdings gets a dozen K-1s each spring, each from a different issuer's software. Your firm sees them like this.
Faxed and rescanned copies from the client's office
The same boxes, laid out by a different issuer's software
Amended K-1s with a client's notes in the margin
A fund's investor package with state K-1s and footnotes
Box 20 statements that run for pages after the K-1
Staff key every K-1 line and code by hand, then key the amended one again weeks later, and returns sit on extension waiting for the last package.
Unstract reads each K-1 and its statements, ties it to the right client and issuer, checks the capital account and posts the figures to your tax software.
Parse, extract and automate the K-1s your clients receive
Three products do the work. Start by reading K-1s with one of them, and add the others when the whole intake should run on its own.
Parse each K-1 form and its statements into text that keeps every box
LLMWhisperer reads K-1s from any issuer, printed, faxed or scanned, and keeps the page layout. Each figure stays beside its box number, the box 20 codes keep their letters, and the capital account keeps its columns. The same Form 1065 OCR reads the full partnership return when a client sends it.
Pass the text to your own LLM, or use it as the first step of a wider intake.
Learn more about LLMWhispererGet structured data from every K-1 and Form 1065, whoever issued it
Name the boxes, codes and capital account lines you want, and Document Studio returns every K-1 as the same JSON record, whether it came from a partnership, an S corporation or a trust. Box 20 statements come back line by line with their codes. The capital account is rolled forward and checked, and an amended K-1 is compared with the one it replaces.
Deploy it as an API or an ETL pipeline, or run it as one step of an orchestrated intake.
Learn more about Document StudioRun the whole tax document intake, from the first K-1 to the last
Describe how your firm takes in K-1s in plain English, and Flow's agents build the workflow: packages collected from the client portal and email, each K-1 filed to the right client, issuer and tax year, boxes and codes read, the list checked against the K-1s last year's return reported, and figures posted to your tax software, such as UltraTax CS or Lacerte, with status in TaxDome or Drake Workflow. You approve that workflow once, and every client's K-1s run through it the same way.
It pauses for a preparer or reviewer where you told it to: a K-1 that came last year and hasn't arrived, an amended K-1, a figure that disagrees with the investor package, or a box the model read with low confidence.
Learn more about FlowRead your K-1s today. Automate the spring intake next.
Start for free and extract data from your own K-1s now. Automating the intake for every client starts with a consultation.
Schedule K-1 in every version, and the Form 1065 that issues it
Documents
- Schedule K-1 (Form 1065) partner's share
- Schedule K-1 (Form 1120-S) shareholder's share
- Schedule K-1 (Form 1041) beneficiary's share
- Form 1065 U.S. return of partnership income
- Schedule K partners' distributive share items
- Schedule L balance sheets per books
- Schedule M-1 and M-2 reconciliations
- Schedule B-1 partners owning 50% or more
- Schedules K-2 and K-3 international items
- Form 8825 rental real estate income
- Box 20 and box 11 supplemental statements
- Section 199A statements
- State K-1s and composite return schedules
- Fund investor packages and footnotes
- Amended and final K-1s
- Form 1065-X amended partnership returns
Fields captured
Processes these K-1s feed
Built for the people who wait on K-1s every spring
Clients' K-1s entered into the return the day they arrive, with each amended K-1 matched to the one it replaces.
Several years of a client's K-1s read together, so the partnership income behind an IRS notice is clear in minutes.
For partnerships you keep the books for, each partner's K-1 tied back to Schedule K and the capital roll-forward before it goes out.
K-1s from joint ventures and fund holdings read into provision workpapers, with every box 20 statement kept beside them.
The K-1 backlog cleared before the extension deadline
Partner TINs and capital accounts stay protected
A K-1 carries a partner's TIN and home address, their capital account, and each investor's share of a fund's income. Together they map what a client owns and earns across every holding, which is exactly what an identity thief or a fraudster needs.
- Encrypted in transit and at rest.
- K-1s and investor packages are never used to train models.
- Access by role and client: each preparer sees only their own clients' K-1s, and every correction is logged against the document.
- Retention on your terms: processed K-1s are removed on the schedule your firm sets.
- Self-hosted deployment keeps every K-1 inside your own environment when your firm or a fund client requires it.
What tax firms ask about reading K-1s
Accuracy on a K-1 depends on keeping each figure tied to its box. LLMWhisperer preserves the layout, so box 19 is never read as box 20, and Document Studio checks the result: the capital account must roll forward, and an amended K-1 is compared with the original. A value that fails a check comes back flagged for a preparer.
Yes. Each document type gets its own API endpoint or ETL pipeline, so K-1s and 1099s run in parallel from a shared folder, S3 bucket or the client portal. Peak weeks add volume, not staff hours, and only the flagged K-1s reach a person.
Yes. Flow's agents build the intake from your plain-English description: collect each package, file it by client and issuer, read the boxes and codes, check them against last year's K-1 list and post them to your tax software. You approve the workflow before it runs.
Form 1065 is the annual return a partnership or multi-member LLC files with the IRS. The partnership pays no income tax itself, so it issues a Schedule K-1 to each partner showing that partner's share of income, deductions and credits, which the partner then reports on their own return.
Yes. Document Studio uses LLMs to turn each K-1 into a JSON record, and that record flows into the tax software and workpapers your firm already uses. AI K-1 extraction for accountants only helps if it lands where preparers already work, so nothing new has to be learned.
Yes. A K-1 data scan through LLMWhisperer handles faxes, skewed scans and phone photos, and reads handwritten notes and amended marks next to the printed figures. A box read with low confidence goes to review with the page beside it.
S corporation K-1s from Form 1120-S, trust and estate K-1s from Form 1041, state K-1s, Schedules K-2 and K-3, and fund investor packages. Each comes back in the same record shape, tagged with the form that issued it.
Each code is captured with its letter, amount and activity, including codes that point to a supplemental statement. The statement pages are read as well, so section 199A figures and other footnote detail come back as data rather than an attachment someone has to open.
It is matched to the K-1 it replaces by partnership EIN, partner and tax year, and every box that changed is listed. The preparer sees the differences before the return is updated.
Yes. Form 1065 OCR covers the return itself, Schedules K, L, M-1, M-2 and B-1, and Form 8825. Bookkeeping firms use it to tie each partner's K-1 back to Schedule K before the K-1s go out.
Unstract is SOC 2, ISO 27001, GDPR and HIPAA compliant. K-1s are encrypted in transit and at rest, kept out of model training and deleted when your firm's retention schedule says so. Self-hosted deployment is available for firms that need it.
Bring a stack of last spring's K-1s to the consultation
Fund packages, amended K-1s, faxed copies and box 20 statements. We read them live and show every box, code and capital account check.