Form 1065 is the U.S. Return of Partnership Income - the federal return filed annually by every domestic partnership and multi-member LLC taxed as a partnership. The form reports the partnership's income, gains, losses, deductions, credits, and other tax items for the year. Because partnerships are pass-through entities, the partnership itself doesn't pay federal income tax. Instead, each partner receives a Schedule K-1 reporting their share, which they report on their personal return.
Every domestic partnership engaged in a trade or business or earning income within the United States must file Form 1065, including general partnerships, limited partnerships, limited liability partnerships, and multi-member LLCs that have not elected corporate tax treatment. Foreign partnerships with US-source income or US partners may also need to file. Single-member LLCs use Schedule C (sole proprietorship) instead.
Have the partnership's financial statements, partner capital accounts, depreciation schedules, prior-year return, partnership agreement, and information for each partner (name, address, EIN/SSN, ownership percentage, and capital contribution and distribution history). You'll prepare a Schedule K-1 for each partner showing their distributive share of partnership items.
Form 1065 is due on the 15th day of the third month after the partnership's tax year ends - March 15 for calendar-year filers. File electronically through IRS Modernized e-File (MeF) or mail to the service center in the Form 1065 instructions. Partnerships with more than 100 partners are required to e-file. Each partner must receive their Schedule K-1 by the same due date. A six-month extension is available via Form 7004.
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