IRS Form 1065: U.S. Return of Partnership Income
Form 1065 is the yearly information return a partnership files to report its income, gains, losses, deductions and credits. The partnership generally does not pay income tax. Each partner receives a Schedule K-1 showing their share, which they report on their own return.
What this form is for
It reports partnership results and produces a Schedule K-1 for every partner.
When people usually use it
Partnerships and many multi-member LLCs file it every year. Partners look it up when a K-1 arrives late or the IRS questions a figure from it.
What to have ready
- The partnership's books for the year
- Each partner's ownership share
- Last year's Form 1065
Related forms
- Form 1120-S: U.S. Income Tax Return for an S Corporation
- Form SS-4: Application for Employer Identification Number (EIN)
- Schedule SE: Self-Employment Tax
Read the IRS page
IRS.gov page for Form 1065 (opens in a new tab). The IRS page is the final word on this form.
Frequently asked questions
What is IRS Form 1065?
Form 1065 is the yearly information return a partnership files to report its income, gains, losses, deductions and credits. The partnership generally does not pay income tax. Each partner receives a Schedule K-1 showing their share, which they report on their own return.
Where do I get Form 1065?
Use the official IRS page, https://www.irs.gov/forms-pubs/about-form-1065. Copies from other sites may be out of date, and the IRS page is the final word.
Do I need to file Form 1065?
There is no single answer. Check the IRS page for Form 1065 and any letter that asked about it. For advice on your case, talk with a tax professional.
What should I have ready for Form 1065?
Most people start with: the partnership's books for the year; each partner's ownership share; last year's form 1065. The instructions on IRS.gov list everything the form asks for.
If you have an IRS letter
The OweRight iPhone app reads your letter and explains what it says in plain English. Join early access and we will let you know when it is available.
OweRight is not the IRS and does not give tax or legal advice.