Fill out 1065 (U.S. Return of Partnership Income) online
Form 1065 is the annual information return filed by partnerships to report their income, deductions, gains, and losses. The partnership itself does not pay income tax; instead, profits and losses pass through to individual partners who report them on their personal tax returns.
How to fill out 1065 (U.S. Return of Partnership Income)
Enter partnership information
Fill in the partnership name, address, EIN, date the business started, principal business activity code, and accounting method (cash or accrual).
Report income and deductions
Enter gross receipts on line 1a. Report cost of goods sold, ordinary business deductions (salaries, rent, interest, depreciation), and calculate ordinary business income or loss on line 22.
Complete Schedule K
Report the partnership totals on Schedule K: ordinary income, rental income, interest, dividends, capital gains, Section 179 deduction, self-employment earnings, and other items that pass through to partners.
Prepare Schedule K-1 for each partner
Complete a Schedule K-1 for each partner showing their distributive share of income, deductions, and credits. Each partner uses their K-1 to complete their individual return.
Complete balance sheets and reconciliation
Fill in Schedule L (Balance Sheets), Schedule M-1 (Reconciliation of Income), and Schedule M-2 (Analysis of Partners' Capital Accounts) if total assets are $250,000 or more.
About 1065 (U.S. Return of Partnership Income)
Who needs this form
Domestic partnerships, including multi-member LLCs taxed as partnerships, that have income or deductions to report. Foreign partnerships with income from U.S. sources must also file.
Where to submit
File with the IRS by March 15 (calendar year partnerships). File electronically if the partnership has more than 100 partners. Extensions are available using Form 7004.
Source and content freshness
- Reviewed: 2026-02-16
- Check the latest official form instructions for the filing year that applies to you.
- Filing deadlines may shift for weekends and holidays. Verify due dates with official instructions.
Common mistakes to avoid
- Filing late (the penalty is per partner per month)
- Not issuing Schedule K-1 to each partner by the filing deadline
- Incorrectly allocating income and deductions among partners
- Confusing guaranteed payments with distributive share of income
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Does a partnership pay income tax?
No. A partnership is a pass-through entity. It files Form 1065 as an information return, but the partnership itself does not pay income tax. Each partner reports their share of partnership income on their personal return using the Schedule K-1 they receive from the partnership.
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