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Schedule C vs K-1

Schedule C and Schedule K-1 are US tax forms used by US persons with business income. Non-resident Wyoming LLC owners typically use neither because they file Form 5472 + pro forma 1120 instead.

Answer

Schedule C and Schedule K-1 are US tax forms used by US persons. Schedule C reports sole proprietor business income on Form 1040. Schedule K-1 reports a partner's share of partnership income on Form 1065. Non-resident Wyoming LLC owners typically use NEITHER because they file Form 5472 + pro forma 1120 (single-member) or Form 1065 + foreign-partner K-1s (multi-member). The forms exist but for different filing scenarios.

By Zawwad, Founder & CEO, WyomingLLC by Topslice LLC.

Last updated May 20, 2026

When Schedule C is used

  • US persons (citizens, residents) reporting sole proprietor income
  • Single-member LLC owned by a US person reporting on personal Form 1040
  • Not used by non-resident foreign-owned LLCs (they use Form 5472 instead)

When Schedule K-1 is used

  • Multi-member LLC taxed as partnership issues K-1 to each member
  • K-1 reports member's share of partnership income
  • For non-resident members of multi-member LLCs, K-1 is issued and the member may need to file Form 1040-NR if ECI applies

Non-resident equivalent forms

  • Single-member foreign-owned LLC: Form 5472 + pro forma 1120 (no Schedule C)
  • Multi-member foreign-owned LLC: Form 1065 + K-1s to members (K-1 is used here)
  • C-Corp elected: Form 1120 (no Schedule C or K-1)

Frequently asked questions

Do non-resident LLC owners file Schedule C?
No. Single-member foreign-owned LLCs file Form 5472 + pro forma 1120 instead.
Do multi-member LLCs use K-1?
Yes. Multi-member LLCs file Form 1065 and issue K-1 to each member.
Is K-1 like a 1099?
K-1 is the partnership equivalent of a 1099. It reports each partner's share of partnership income for their personal tax return.
Where does single-member non-resident report income?
Form 5472 reports related-party transactions. There is no personal income report for non-residents without ECI.

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