Tax glossary

Form 1065

Form 1065 — what it means, how it works, and a real example, explained without the jargon.

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.

How it works

The partnership pays no income tax itself; it reports the profit and hands each partner a Schedule K-1. Partners then report their share on their personal returns. Like the 1120-S, it's due March 15.

A quick example

A three-partner design firm earning $300,000 files a 1065 and issues three K-1s of $100,000 each — the partners, not the firm, pay the tax.

What people get wrong

K-1s often arrive close to the deadline, which can hold up the partners' personal returns. If you're a partner, expect it and plan to file your own return a bit later if needed.

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Frequently asked questions

What does Form 1065 mean?

Form 1065 is the informational return a partnership or multi-member LLC files to report business income and each partner's share.

How does Form 1065 work?

The partnership pays no income tax itself; it reports the profit and hands each partner a Schedule K-1. Partners then report their share on their personal returns. Like the 1120-S, it's due March 15.

What's the most common mistake with form 1065?

K-1s often arrive close to the deadline, which can hold up the partners' personal returns. If you're a partner, expect it and plan to file your own return a bit later if needed.