What is the purpose of a Schedule K-1 Form for The Blackstone Group L.P?

The purpose of Schedule K-1 for firms such as The Blackstone Group L.P is to report a taxpayer's income from estates, credits or trusts as part of Form 1040, according to the Internal Revenue Service. Annual K-1 tax schedules for investors are typically posted on The Blackstone Group L.P website.

There are several different types of Schedule K-1 forms used for S corporations, partnerships trusts and estates, notes Turbo Tax. Each form lists information on a taxpayer's income or loss, which the taxpayer reports on the tax return. Taxpayers only need to send Schedule K-1 with their tax return if withholding is listed in code B of box 13, states the IRS.