IRS Form 1065, U.S. Return of Partnership Income, also known as the partnership tax return form, is a document used by the Internal Revenue Service (IRS) to obtain information on income, credits, deductions, gains, losses, and other data related to the operation of the partnership.
The latest version of the form was released by the IRS in 2019 with all previous editions obsolete. A fillable partnership return form is available for download below.
IRS Form 1065 is used by partnerships to report their financial information to the IRS. A partnership can be defined as the business or trade relationship between two or more people who want to work together, invest and contribute skills, money, labor, and property and aim to share in the gains and losses of the business. The process of reporting includes two steps. First, with Tax Form 1065, the partnership reports financial information relating to the operation of the partnership. Second, every partner must prepare a Schedule K-1 to identify personal profits and losses over the course of the partnership's operation.
IRS Form 1120, U.S. Corporation Income Tax Return is used to report gains, losses, income, credits, deductions and to show the income tax liability of the corporation. The limited liability company must file this form if it is a corporation. You can use Form 8832, Entity Classification Election to elect how your entity will be classified for federal tax purposes - as a corporation, a partnership, or an entity disregarded as separate from its owner.
To comply with the IRS 1065 Form filing requirements, you must file it with certain schedules:
IRS tax form 1065 is filed by the fifteenth day of the third month following the date its tax year ended. However, IRS form 1065 due dates can be extended if you file Form 7004. The late filing penalty is $210 for each month or part of the month the failure continues multiplied by the number of partners.
The 1065 return mailing addresses are the following:
IRS 1065 Related Forms:
Pressing the PRINT button will only print the current page. Download the document to your desktop, tablet or smartphone to be able to print it out in full.