What is Form 1065?
Form 1065 is the informational return a partnership or multi-member LLC files to report business income and each partner's share. The partnership itself generally pays no income tax.
A 1065 divides a partnership's income among the partners on Schedule K-1s; the partnership itself pays no income tax. The K-1 also tracks each partner's capital account and share of liabilities, which matters for how much loss a partner is actually allowed to deduct.
Who files it
Partnerships and multi-member LLCs taxed as partnerships.
When it's due
Form 1065 is generally due March 15 (calendar-year). Deadlines can move for weekends and holidays, so confirm the exact date for the current year on IRS.gov.
Key lines and parts
Here's what you'll actually fill in on Form 1065:
- Income and deductions
- Ordinary business income (line 22)
- Schedule K — partners' shares
- Schedule K-1 for each partner
How to file
File by March 15 and give each partner a Schedule K-1 reporting their share of income, deductions and credits.