Is it possible for anyone of the partners not to report schedule-k to their personal taxes and just report it in 1065 form?!
The partnership is responsible for submitting Form 1065 and Schedule K-1 to the IRS, The partners should receive a copy of Schedule K-1 to show how much in earnings/losses is attributed to them, but they aren’t required to submit the schedule with their personal tax return. All partners, however, must typically include all income reported on Schedule K-1 on their personal tax return. This is essential, because most partnerships aren’t responsible for paying taxes on any income earned; they merely pass income and losses through to the partners for the taxes/credits to be applied to the owners’ personal returns.
Taxes can get tricky, depending on your unique situation, and sometimes, there are exceptions and gray areas. I recommend you consult with a licensed CPA to be certain, because I’m not at liberty to give tax advice.
Let me know if I can help with anything else!