IRS · Official form

Form 1065, U.S. Return of Partnership Income

Form 1065 is the annual information return that reports a partnership’s income, deductions, and each partner’s share. Fill in the official IRS PDF below and download it.

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What is 1065?

Form 1065, U.S. Return of Partnership Income, is the information return partnerships file to report their income, gains, losses, deductions, and credits for the year. The partnership itself generally pays no income tax; profits and losses pass through to the partners, who report their shares on their own returns.

Each partner’s share is detailed on a Schedule K-1 (Form 1065) filed with the return and furnished to the partner. Supporting schedules include Schedule B for questions about the partnership, Schedules K and L for totals and the balance sheet, and Schedules K-2 and K-3 for items of international relevance.

Who files 1065?

Domestic partnerships, including general partnerships, limited partnerships, and LLPs
Multi-member LLCs taxed as partnerships, which is the default for LLCs with two or more members
Certain foreign partnerships with U.S. income or U.S. partners, as described in the instructions
Not for single-member LLCs (disregarded entities) or entities that elected corporate taxation

How to fill out 1065

Fill in the partnership’s name, EIN, address, business activity, and accounting method in the header.
Report trade or business income and deductions on page 1 to reach ordinary business income or loss.
Answer the Schedule B questions about ownership, elections, and filing requirements.
Complete Schedule K with the partnership’s total income, deductions, and credits, then balance Schedules L, M-1, and M-2 if required.
Download the PDF, prepare a Schedule K-1 for each partner, and file by the due date in the current instructions, generally the 15th day of the third month after the year ends. Many partnerships are required to e-file.

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Page 1 78 fields

Page 2 80 fields

Page 3 40 fields

Page 4 28 fields

Page 5 56 fields

Page 5. Schedule K. Partners’ Distributive Share Items. Income (Loss). 1. Ordinary business income (loss) (page 1, line 23). Total amount.

2. Net rental real estate income (loss) (attach Form 8825).

3a. Other gross rental income (loss).

3b. Expenses from other rental activities (attach statement).

3c. Other net rental income (loss). Subtract line 3b from line 3a.

4. Guaranteed payments. a. Services.

4b. Capital.

4c. Total. Add lines 4a and 4b.

5. Interest income.

6. Dividends and dividend equivalents: a. Ordinary dividends.

6b. Qualified Dividends.

6c. Dividend equivalents.

7. Royalties.

8. Net short-term capital gain (loss) (attach Schedule D (Form 1065)).

9a. Net long-term capital gain (loss) (attach Schedule D (Form 1065)).

9b. Collectibles (28%) gain (loss).

9c. Unrecaptured section 1250 gain (attach statement).

10. Net section 1231 gain (loss) (attach Form 4797).

Type:

11. Amount.

Deductions. 12. Section 179 deduction (attach Form 4562).

13a. Cash contributions.

13b. Noncash contributions.

13c. Investment interest expense.

(1) Type:

13d. (2) Amount: .

Type:

13e. Amount.

Self-Employment. 14a. Net earnings (loss) from self-employment.

14b. Gross farming or fishing income.

14c. Gross nonfarm income.

Credits. 15a. Low-income housing credit (section 42(j)(5)).

15b. Low-income housing credit (other).

15c. Qualified rehabilitation expenditures (rental real estate) (attach Form 3468, if applicable).

Type:

15d. Amount.

Type:

15e. Amount.

Type:

15f. Amount.

16a. Attach Schedule K-2 (Form 1065), Partners' Distributive Share Items—International, and check this box to indicate that you are

16b. Check this box if you qualified for an exception to filing Schedule K-2 (Form 1065).

Alternative Minimum Tax (A M T) Items. 17a. Post-1986 depreciation adjustment.

17b. Adjusted gain or loss.

17c. Depletion (other than oil and gas).

17d. Oil, gas, and geothermal properties–gross income.

17e. Oil, gas, and geothermal properties–deductions.

17f. Other A M T items (attach statement).

Other Information. 18a. Tax-exempt interest income.

18b. Other tax-exempt income.

18c. Nondeductible expenses.

19a. Distributions of cash and marketable securities.

19b. Distributions of other property.

20a. Investment income.

20b. Investment expenses.

21. Total foreign taxes paid or accrued.

Page 6 107 fields

1. Net income (loss). Combine Schedule K, lines 1 through 11. From the result, subtract the sum of Schedule K, lines 12 through 13e, and 21.

2. Analysis by partner type: Row: a. General partners. Column: (i) Corporate.

Row: 2a. General partners. Column: (i i) Individual (active).

Row: 2a. General partners. Column: (i i i) Individual (passive).

Row: 2a. General partners. Column: (i v) Partnership.

Row: 2a. General partners. Column: (v) Exempt organization.

Row: 2a. General partners. Column: (v i) Nominee/Other.

Row: 2b. Limited partners. Column: (i) Corporate.

Row: 2b. Limited partners. Column: (i i) Individual (active).

Row: 2b. Limited partners. Column: (i i i) Individual (passive).

Row: 2b. Limited partners. Column: (i v) Partnership.

Row: 2b. Limited partners. Column: (v) Exempt organization.

Row: 2b. Limited partners. Column: (v i) Nominee/Other.

Row: 1. Cash. Column: Beginning of tax year. (b).

Row: 1. Cash. Column: End of tax year. (d).

Row: 2a. Trade notes and accounts receivable. Column: Beginning of tax year. (a).

Row: 2a. Trade notes and accounts receivable. Column: End of tax year. (c).

Row: 2b. Less allowance for bad debts. Column: Beginning of tax year. (a).

Row: 2b. Less allowance for bad debts. Column: Beginning of tax year. (b).

Row: 2b. Less allowance for bad debts. Column: End of tax year. (c).

Row: 2b. Less allowance for bad debts. Column: End of tax year. (d).

Row: 3. Inventories. Column: Beginning of tax year. (b).

Row: 3. Inventories. Column: End of tax year. (d).

Row: 4. U.S. Government obligations. Column: Beginning of tax year. (b).

Row: 4. U.S. Government obligations. Column: End of tax year. (d).

Row: 5. Tax-exempt securities. Column: Beginning of tax year. (b).

Row: 5. Tax-exempt securities. Column: End of tax year. (d).

Row: 6. Other current assets (attach statement). Column: Beginning of tax year. (b).

Row: 6. Other current assets (attach statement). Column: End of tax year. (d).

Row: 7a. Loans to partners (or persons related to partners). Column: Beginning of tax year. (b).

Row: 7a. Loans to partners (or persons related to partners). Column: End of tax year. (d).

Row: 7b. Mortgage and real estate loans. Column: Beginning of tax year. (b).

Row: 7b. Mortgage and real estate loans. Column: End of tax year. (d).

Row: 8. Other investments (attach statement). Column: Beginning of tax year. (b).

Row: 8. Other investments (attach statement). Column: End of tax year. (d).

Row: 9a. Buildings and other depreciable assets. Column: Beginning of tax year. (a).

Row: 9a. Buildings and other depreciable assets. Column: End of tax year. (c).

Row: 9b. Less accumulated depreciation. Column: Beginning of tax year. (a).

Row: 9b. Less accumulated depreciation. Column: Beginning of tax year. (b).

Row: 9b. Less accumulated depreciation. Column: End of tax year. (c).

Row: 9b. Less accumulated depreciation. Column: End of tax year. (d).

Row: 10a. Depletable assets. Column: Beginning of tax year. (a).

Row: 10a. Depletable assets. End of tax year. (c).

Row: 10b. Less accumulated depletion. Column: Beginning of tax year. (a).

Row: 10b. Less accumulated depletion. Column: Beginning of tax year. (b).

Row: 10b. Less accumulated depletion. Column: End of tax year. (c).

Row: 10b. Less accumulated depletion. Column: End of tax year. (d).

Row: 11. Land (net of any amortization). Column: Beginning of tax year. (b).

Row: 11. Land (net of any amortization). Column: End of tax year. (d).

Row: 12a. Intangible assets (amortizable only). Column: Beginning of tax year. (a).

Row: 12a. Intangible assets (amortizable only). Column: End of tax year. (c).

Row: 12b. Less accumulated amortization. Column: Beginning of tax year. (a).

Row: 12b. Less accumulated amortization. Column: Beginning of tax year. (b).

Row: 12b. Less accumulated amortization. Column: End of tax year. (c).

Row: 12b. Less accumulated amortization. Column: End of tax year. (d).

Row: 13. Other assets (attach statement). Column: Beginning of tax year. (b).

Row: 13. Other assets (attach statement). Column: End of tax year. (d).

Row: 14. Total assets. Column: Beginning of tax year. (b).

Row: 14. Total assets. Column: End of tax year. (d).

Row: 15. Accounts payable. Column: Beginning of tax year. (b).

Row: 15. Accounts payable. Column: End of tax year. (d).

Row: 16. Mortgages, notes, bonds payable in less than 1 year. Column: Beginning of tax year. (b).

Row: 16. Mortgages, notes, bonds payable in less than 1 year. Column: End of tax year. (d).

Row: 17. Other current liabilities (attach statement). Column: Beginning of tax year. (b).

Row: 17. Other current liabilities (attach statement). Column: End of tax year. (d).

Row: 18. All nonrecourse loans. Column: Beginning of tax year. (b).

Row: 18. All nonrecourse loans. Column: End of tax year. (d).

Row: 19a. Loans from partners (or persons related to partners). Column: Beginning of tax year. (b).

Row: 19a. Loans from partners (or persons related to partners). Column: End of tax year. (d).

Row: 19b. Mortgages, notes, bonds payable in 1 year or more. Column: Beginning of tax year. (b).

Row: 19b. Mortgages, notes, bonds payable in 1 year or more. Column: End of tax year. (d).

Row: 20. Other liabilities (attach statement). Column: Beginning of tax year. (b).

Row: 20. Other liabilities (attach statement). Column: End of tax year. (d).

Row: 21. Partners' capital accounts. Column: Beginning of tax year. (b).

Row: 21. Partners’ capital accounts. Column: End of tax year. (d).

Row: 22. Total liabilities and capital. Column: Beginning of tax year. (b).

Row: 22. Total liabilities and capital. Column: End of tax year. (d).

1. Net income (loss) per books.

2. Income included on Schedule K, lines 1, 2, 3c, 5, 6a, 7, 8, 9a, 10, and 11, not recorded on books this year (itemize):

2. Amount.

3. Guaranteed payments (other than health insurance).

Depreciation $

Travel and entertainment $

4b. Amount.

5. Add lines 1 through 4.

Tax-exempt interest $

6a. Line 2 of 2.

6a. Amount.

Depreciation $

7a. Line 2 of 2.

7a. Amount.

8. Add lines 6 and 7.

Income (loss) (Analysis of Net Income (Loss) per Return, line 1). Subtract line 8 from line 5.

Schedule M-2. Analysis of Partners' Capital Accounts. 1. Balance at beginning of year.

2. Capital contributed: a. Cash.

2b. Property.

3. Net income (loss) (see instructions).

Other increases (itemize):

4. Amount.

5. Add lines 1 through 4.

6. Distributions. a. Cash.

6b. Property.

Other decreases (itemize):

7. Line 2 of 2.

7. Amount.

8. Add lines 6 and 7.

9. Balance at end of year. Subtract line 8 from line 5.

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Frequently asked questions

Does a partnership pay income tax with Form 1065?

Generally no. Form 1065 is an information return. Income and losses pass through to the partners via Schedule K-1, and each partner pays tax on their share on their own return, whether or not cash was actually distributed.

When is Form 1065 due?

Generally the 15th day of the third month after the partnership’s tax year ends, which is March 15 for calendar-year partnerships. Form 7004 provides an automatic extension of time to file.

Does a husband and wife LLC have to file Form 1065?

Often yes, since a multi-member LLC defaults to partnership treatment. Spouses in community property states, or those who elect qualified joint venture status for an unincorporated business, may have other options described in the instructions.

Form 1065, U.S. Return of Partnership Income

What is 1065?

Who files 1065?

How to fill out 1065

Quick fill 1065 on this page

Frequently asked questions

Related forms

Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc.

Form 1120-S, U.S. Income Tax Return for an S Corporation

Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns