Form 1065 U.S. Return of Partnership Income
Annual information return filed by partnerships and multi-member LLCs to report income, deductions, gains, and losses to the IRS.
Instructions
Report the partnership's income and deductions on the main form. Issue Schedule K-1 to each partner showing their distributive share of income, deductions, and credits. Partners report K-1 amounts on their individual returns. Due March 15 (extension to September 15 available with Form 7004). Partnerships do not pay income tax at the entity level. Be aware of the BBA partnership audit rules and consider filing an election out for small partnerships.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.