When Are K-1s Due in 2027? The Legal Deadline vs the Dates 22 Funds Promise in Their SEC Filings

The legal deadline, in the IRS's words

Three rules decide when your K-1 is due, and they are short:

• The return. The Form 1065 instructions: “Generally, a domestic partnership must file Form 1065 by the 15th day of the 3rd month following the date its tax year ended”, and “For calendar-year partnerships, the due date is March 15.”
• The K-1 follows the return. The statute, 26 U.S.C. 6031(b), says the partnership “shall (on or before the day on which the return for such taxable year was required to be filed) furnish to each person who is a partner” the information on its return. The regulation adds the words that matter: the K-1 is due on the return's due date “(determined with regard to extensions)”.
• The extension. The partnership files Form 7004 “by the regular due date of the partnership return”, and “the automatic extension period for time to file is generally 6 months.”

Put on the 2027 calendar (our arithmetic): March 15, 2027 is a Monday, so there is no weekend shift. Six months later is Wednesday, September 15, 2027. Your own Form 1040 is due Thursday, April 15, 2027, and Form 4868 gives you until Friday, October 15, 2027 to file (but not to pay).

What 22 funds say about when your K-1 will come

The legal deadline tells you when a K-1 is late. It does not tell you when to expect it. For that, the only written commitment is in the fund's own documents: the partnership agreement, the offering circular or the 10-K risk factors. We searched SEC EDGAR full text for Schedule K-1 language in 10-K, 10-12G, N-2, 424B3 and Regulation A filings from 2024 to October 2026, kept the partnership-taxed vehicles sold to individuals through advisors or online, and read each one. Implied 2027 dates are our arithmetic.

Three readings of that table:

First, almost nobody promises the legal March 15 date. Seventeen of the 22 aim at March 16 or March 31, which is only possible because they file Form 7004 and the K-1 deadline moves with it (our count and our reading of the regulation). If you hold one of these funds, a K-1 in late March is the plan working, not the fund failing.

Second, “estimate” is doing a lot of work. Apollo's two funds will “endeavor” to deliver within 90 calendar days, “provided that such Schedules K-1 may be based on the best available estimates at the time of issuance”, and add that “Neither the Company nor the Operating Manager will be liable for any failure to provide or delay in providing such Schedules K-1s.” PIMCO's fund promises only estimates within 90 days; TriLinc promises estimated information before March 15. KKR's reason for delay is structural: the information “will be subject to delay in the event of, among other reasons, the late receipt of any necessary tax information from lower-tier entities”. A fund of funds waits for its own K-1s before it can write yours.

Third, some funds tell you up front to extend. Warburg Pincus Access Fund: “the General Partner expects that WP ACE will not file its federal income tax return for a given year until after April 15, and the Unitholders should plan to obtain extensions of time for filing their income tax returns accordingly.” It adds that it “expects to provide estimates of annual tax information to the Unitholders (or their nominees) prior to April 15 of each year” so holders can pay on time. Belpointe PREP, the listed opportunity-zone real estate fund, is blunter: “We do not expect to be able to furnish definitive Schedule K-1s to IRS Form 1065 to each holder of our Class A units prior to the deadline for filing U.S. income tax returns.”

The big-sponsor evergreen funds sit together at March 31. Blackstone's BXPE partnership agreement: the general partner “will use reasonable efforts” to deliver “Schedules K-1 (Form 1065) and K-3 (Form 1065) in relation to the Partnership for each taxable year on or before March 31st of the succeeding taxable year”; BXINFRA and Carlyle's CPEP use the same words. BXPE's 10-K still warns that “there may be delays in distributing important tax information to investors (including the distribution of U.S. Schedule K-1s or their equivalent).” Our BXPE redemption tracker covers the fund itself.

Real estate syndications and crowdfunding deals

Most private real estate deals (the single-property LLCs on CrowdStreet, EquityMultiple and similar platforms) never file an offering document with the SEC, so their K-1 promise sits in an operating agreement you signed and we cannot read. The Regulation A real estate funds that do file show the range you should expect: March 1 as Norhart's trigger for a good-faith estimate, March 15 at Caltier Fund I (“a Schedule K-1 by March 15 th in the year following the end of each fiscal year”), March 31 at Gratus, PRC and Spark, 90 days “or as soon as reasonably practicable thereafter” at Hartley, and no date at all at BridgeWell and FISYN Fund II, which say only “We will also provide each investor a form K-1 each year so that investors can file their state and federal tax returns.” (Our FISYN review covers the earlier fund.) Check your own operating agreement for the words “Schedule K-1”: that sentence is the only date anyone has promised you.

Some sponsors have given up on K-1s altogether. Fundrise told the SEC, in the offering circular of its Equity REIT, that it “has received overwhelming feedback from eFund shareholders indicating a preference to eliminate their Schedule K-1 tax filing in favor of a simpler IRS Form 1099”. Our crowdfunding tax guide lists which platforms send which form.

Funds in our space that do not send a K-1

On DSTs: Rev. Rul. 2004-86 concludes “because DST is a grantor trust, the outcome to the parties will remain the same”, and the grantor trust rule it quotes includes the trust's “items of income, deductions, and credits against tax of the trust” in the owner's own taxable income. A DST built that way reports to you as an owner, not as a partner; read your sponsor's tax letter for the format (our reading). If you are exchanging a DST into a REIT operating partnership, the units you receive are partnership units, which do come with a K-1; see our DST 721 exchange guide.

What a late K-1 costs the fund, and you

The fund pays if it misses the extended deadline. For returns required to be filed in 2027, Rev. Proc. 2025-32 sets the late-return penalty under section 6698 at $260 per partner per month, up from $255 for 2026 filings, for up to 12 months. A fund with 1,000 partners that is one month late owes $260,000; six months, $1,560,000 (our arithmetic). Each K-1 furnished late or wrong can add $340 under section 6722. Those numbers are why funds file Form 7004 rather than miss March 15.

You pay if you guess. Form 4868 moves your filing date, not your payment date: the 2025 form says the due date is “April 15, 2026, for most people” and that the IRS “can't extend the due date of your return for more than 6 months (October 15, 2026, for most calendar year taxpayers).” The same two dates fall on April 15 and October 15, 2027 for tax year 2026.

What a holder can do with this

• Find your fund's promised date now, in the table above or in your operating agreement, and put it in the calendar next to April 15, 2027.
• If the date is March 31 or later, plan on Form 4868. Estimate the tax on the fund's income using the prior-year K-1 or the fund's estimate, and pay it by April 15, 2027.
• Ask for the estimate. TriLinc, Norhart, PIMCO and Warburg Pincus all describe estimates before the final K-1; if your fund offers one, use it for the April payment.
• Expect amendments. Funds that issue K-1s “based on the best available estimates” may correct them after the audit; keep the return open until the final K-1 matches.
• Count your states. A K-1 from a fund that owns property in several states can create state filing obligations, and those states have their own extension rules.

If your fund sends a 1099-DIV instead (non-traded REITs, BDCs, interval funds), see when each one mails it.

FAQ

Sources, read and saved on October 5, 2026: IRS Instructions for Form 1065 (2025), Instructions for Form 7004 (Rev. December 2025), Form 4868 (2025), Rev. Proc. 2025-32 and Rev. Rul. 2004-86 (I.R.B. 2004-33) from irs.gov; 26 U.S.C. 6031 (Cornell LII) and 26 CFR 1.6031(b)-1T (eCFR); and SEC EDGAR filings of each fund named, with accession numbers in the CSV: BXPE 10-K Ex. 3.4 0001193125-26-106084; BXINFRA 10-K Ex. 3.2 0001193125-26-096453; Carlyle CPEP 8-K Ex. 3.1 0002065337-25-000014; Warburg Pincus Access Fund 10-K 0001193125-26-029707; KKR K-PEC 10-K 0001957845-26-000029; KKR K-INFRA 10-K 0001948056-26-000023; EQT Private Equity Co 10-K 0001193125-26-134920; EQT Infrastructure Co 10-K 0001193125-26-134921; Apollo Asset Backed Credit Co 10-K 0001193125-26-126988; Apollo Infrastructure Co 10-K 0001193125-26-132670; ISQ Open Infrastructure Co 10-K 0001213900-26-036615; PIMCO Asset-Based Lending Co 10-K 0001193125-26-133933; TriLinc Global Impact Fund 10-K 0001437749-26-010358; Belpointe PREP 10-K 0001493152-26-011713; Caltier Fund I 1-A POS 0001213900-25-014441; Norhart Invest 1-K Ex. 6.2 0001213900-25-032727; Gratus Capital Properties Fund III 253G2 0001477932-25-004889; PRC Equity Fund I 1-A POS 0002033295-25-000005; Spark Fund One 1-A POS 0002041773-26-000001; Hartley Opportunity Fund 1-A POS 0001096906-26-000310; BridgeWell Secured Income 253G2 0001731122-26-000819; FISYN Fund II 253G2 0001641172-25-008036; Fundrise Equity REIT 253G2 0001104659-25-124817; BREIT 424B3 0001628280-25-037857; BCRED N-2 0001193125-26-198119. The 2027 calendar dates, counts and penalty examples are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.