Independent form guide. BrieflyGo is not affiliated with or endorsed by IRS, USCIS, SSA, DOL, or any U.S. government agency. Official forms are sourced from public government websites.

IRSOther IRS Forms (1000–1999)

Official form guide

Form 1062: 1062

Form 1062 is the IRS Return of Foreign Partnership Income. It must be filed by U.S. persons who are partners in a foreign partnership and receive a Schedule K‑1 (Form 1065) from that partnership.

Fillable formOpen in Editor->Download blank PDF

Need help with Form 1062?

Open it in the AI Editor for field guidance, checks, and PDF export.

Fillable formOpen in Editor->

Form Overview

IRS Form 1062 - 1062

Form 1062 is the IRS Return of Foreign Partnership Income. It must be filed by U.S. persons who are partners in a foreign partnership and receive a Schedule K‑1 (Form 1065) from that partnership.

Your share of the partnership’s income, deductions, credits, and foreign taxes paid, plus identifying information about the foreign partnership.

Risk Radar

Scan points
  • 1A single missing foreign‑tax credit line can trigger a $250 penalty per form.
  • 2Using the wrong exchange rate for foreign currency amounts
  • 3Omitting the foreign partnership’s EIN or country code
  • 4Failing to report foreign tax credits
  • 5Mismatched totals between Schedule K‑1 and Form 1062

Plain English

If you own a piece of a partnership that’s based outside the United States, the IRS wants to know how much of that partnership’s profit or loss belongs to you. Form 1062 reports that share so the IRS can tax it correctly. You only file it when you get a foreign‑partnership K‑1.

Submission Date

  • Filing date: 2026-04-15 20:10:42
  • Preparation window: collect IDs, supporting records, and signatures in advance.
  • Final review: verify names, dates, and required fields before submission.

AI co-pilot

Fill it faster. Catch mistakes before you file.

Explains confusing fields in plain English
Flags missing signatures, dates, IDs, and attachments
Keeps the PDF ready for editor, send, and proof flows
Open AI workspace->

Glossary Terms

partnershipoutsideforeignincome

Hover a term to preview the meaning.

What this form is for

  • Use when you receive a foreign partnership Schedule K‑1.
  • Do not use if you are only a limited partner with no reportable income.
  • If you are a U.S. corporation filing Form 1120‑F, consider Form 5471 instead.

Form selector

Use this form or another form?

You are a U.S. shareholder of a foreign corporation

Captures controlled foreign corporation info

✓ Verify ownership threshold

Form 5471

You have a foreign trust beneficiary

Reports receipt of foreign trust distributions

✓ Check trust classification

Form 3520

You are a U.S. partner in a domestic partnership with foreign partners

Domestic partnership reporting

✓ Confirm partner residency

Form 1065 Schedule K‑1 (partner)

Deadline or filing window

Form 1062 is due by the same date as the partner’s income tax return, including extensions (generally April 15 for individuals, with automatic six‑month extension if Form 4868 is filed). If you file an extension for the tax return, the Form 1062 deadline moves with it. No separate deadline is published.

  • —Foreign currency amount | Convert using IRS yearly average rate | U.S. dollar amount | Use correct year’s rate

Checklist

What you need before filling it out

1

Partner identification

Partnership agreement, K‑1 · Partnership’s tax documents

⚠ Missed EIN or country code✕ High
2

Income amount

Schedule K‑1 line items · Foreign partnership’s financial statements

⚠ Transposed numbers✕ Medium
3

Foreign taxes paid

Foreign tax credit statement · Partnership’s tax return

⚠ Omitted credit line✕ High
4

Currency conversion

IRS yearly average rate tables · IRS Publication 54

⚠ Using outdated rate✕ Medium

Before you submit

  1. 1Confirm you received a foreign Schedule K‑1 for the tax year
  2. 2Verify the foreign partnership’s EIN and country of organization
  3. 3Convert all foreign amounts using the correct IRS rate
  4. 4Complete Part I (identification) and Part II (income items) fully
  5. 5Attach any required statements (e.g., foreign tax credit calculations)
  6. 6Sign and date the form
  7. 7Check the mailing address against the latest instructions
  8. 8If e‑filing, ensure the software supports Form 1062
  9. 9Retain a copy of the filed form and supporting K‑1
  10. 10Mark the filing date on your calendar

How to file this form

  1. 1Gather foreign Schedule K‑1 and partnership documents
  2. 2Convert foreign currency amounts to USD
  3. 3Fill out Part I – partnership identification
  4. 4Enter income, deductions, and credits in Part II
  5. 5Calculate foreign tax credit, if applicable
  6. 6Attach any required statements or schedules
  7. 7Sign and date the form
  8. 8Mail to the IRS address or submit via approved e‑file provider

Known limitations

  1. 1Instructions do not provide a printable PDF for 2024 edition until late February
  2. 2No electronic filing option for sole proprietors without software support
  3. 3IRS does not publish a separate acknowledgment receipt for mailed Form 1062
  4. 4Foreign partnership information must be accurate; IRS cannot verify foreign data

Field map

Compact field-by-field guide

6 fields

General Info

2 items

Taxpayer Name and TIN

Full legal name and taxpayer identification number (SSN or EIN).

Requiredtext
Address

Current mailing address.

Requiredtext

Details

2 items

Required Information

Complete all applicable sections of this form according to the official IRS instructions.

Requiredtext
Amount (if applicable)

Enter the relevant dollar amount if this form involves tax calculation.

amount

Certification

1 items

Certification Statement

Read and acknowledge any certifications required by this form.

Requiredcheckbox

Signatures

1 items

Signature

Sign and date. Unsigned forms cannot be processed.

Requiredsignature
This compact map shows typical fields for this form type. The AI Editor gives precise field guidance after you open the PDF.

Almost done reviewing the fields?

Fillable formOpen in Editor->
Current form status
IRS

Form 1062 is currently in the 2024 edition, effective for tax years beginning after January 1, 2023. Check the IRS website for any later updates before filing.

What changed or needs a fresh check

  • Edition date: 2024 (verify on IRS.gov for later revisions)
  • Fee: none (no filing fee for Form 1062)
  • Mailing address: see instructions – typically Department of the Treasury, Internal Revenue Service, Ogden, UT 84201‑0002
  • Electronic filing: available only through approved software providers
  • Signature requirement: partner or authorized representative must sign

Form Preview

Form 1062 page 1

Page 1

Form 1062 page 2

Page 2

Open in AI Editor →

Quick Facts

U.S. individuals, estates, trusts, or domestic entities that are partners in a foreign partnership.
Your share of the partnership’s income, deductions, credits, and foreign taxes paid, plus identifying information about the foreign partnership.
Generally due with the partner’s annual income tax return (Form 1040, 1120, 1065, etc.), by the regular filing deadline including extensions.
Mail the completed form to the IRS address shown in the instructions for Form 1062, or file electronically if you are using an approved e‑file provider.
Incorrect or missing information can trigger penalties, delay processing of your tax return, and cause the partnership’s income to be taxed twice.
Gather the foreign partnership’s Schedule K‑1, convert any foreign currency amounts to U.S. dollars using the IRS rate, fill out Part I (identification) and Part II (income items), attach any required statements, and sign the form. Review the instructions for line‑by‑line guidance, then submit by mail or through an approved e‑file system.

Downloads

Blank Form 1062↗Instructions↗

Fill Form 1062

AI-powered guidance for every field

Fillable formOpen in Editor->

Free to start / No account required

After you file

  1. 1Keep the filed Form 1062 and all supporting documents for at least seven years
  2. 2Monitor any IRS notices for mismatched amounts
  3. 3Update your records if the foreign partnership amends its K‑1
  4. 4If you receive a refund or additional tax, reconcile with the foreign tax credit claim
  5. 5File an amended Form 1062 if errors are discovered after filing
  6. 6Track the filing date for future extension or audit reference

Sources

  • SRCIRS Form 1062 official instructionsprovides purpose and filing requirements
  • SRCIRS Publication 54foreign currency conversion rates
  • SRCIRS website2024 edition date for Form 1062
  • SRCIRS Instructionsmailing address for paper filing
  • SRCIRS e‑file provider listconfirms electronic filing availability
  • SRCIRS penalty guidelinesreference for missing foreign tax credit line
  • SRCNot clearly stated in the provided official source

Common confusion points

Foreign partnership vs. foreign corporation

Terminology overlap

→ Verify entity type on Schedule K‑1

Currency conversion method

Average vs. spot rate

→ Use the IRS published average rate for the tax year

Reporting foreign tax credit

Credit vs. deduction

→ Follow instructions for line 12 and attach Form 1116 if required

When to file if partnership is dormant

No income may still require filing

→ Check Part II instructions for zero‑income filing

Signature authority

Individual vs. authorized agent

→ Ensure the signer has power of attorney if not the partner

Workflow map

Related forms and next steps

4 signals

Before

Form 1040 (individual) or Form 1120 (corporate) – base income tax return

Current

1062

After

Form 1116 – Foreign Tax Credit, if applicable

Often used with

Schedule K‑1 (Form 1065) – source of partnership data

⚠ If something goes wrong

  • Form 1040‑X – Amended U.S. Individual Income Tax Return

Ready to get started?

Upload the form or open it in the AI Editor for intelligent guidance

Fillable formOpen in Editor->

Source transparency

Copyright & Licensing - US Government Forms

Independent guide

BrieflyGo links to and explains official public form sources. We are not a government agency, and this page is for general form guidance, not legal advice.

Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Verify current license terms with the source agency before reuse outside this platform.

Never sign without understanding every clause.

BrieflyGo reviews your contracts in plain English — instantly.

Try for free →