Form detail
IRS Form 1065
U.S. Return of Partnership Income
Country
United States
Revision year
2024
Methods
paper, efile
Updated
2026-05-20
U.S. Return of Partnership Income
Annual information return for partnerships and most LLCs taxed as partnerships, with K-1 distribution to partners.
Who must file: Partnerships, multi-member LLCs taxed as partnerships, and certain joint ventures with gross income or expenses to report.
Practical overview
Form 1065 is an information return: tax flows through to partners via Schedule K-1 rather than being paid by the partnership. The 2018+ centralized partnership audit regime (BBA) changed how adjustments are made and may impose entity-level tax unless a push-out election is made. K-2 and K-3 international-information schedules are now required for partnerships with relevant items.
Practical steps
- Confirm partnership classification and whether the BBA centralized audit regime applies.
- Prepare Schedules K-1 for each partner with their distributive share of income, deductions, and credits.
- Attach K-2/K-3 international schedules where required.
- File by March 15 (calendar year) with extension via Form 7004.
- Distribute K-1s to partners on or before the filing deadline.
Due-date notes
March 15 for calendar-year partnerships (15th day of the 3rd month after year-end for fiscal-year filers).
Timing: March 15
Extension reference: Form 7004
Penalty snapshot
$245 per partner per month (2024) for late filing or failure to furnish K-1s, with no maximum for intentional disregard.
Related forms
Related guides
Related citations
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Cited by
Primary sources
- About Form 1065Verified 2026-05-20
- Instructions for Form 1065Verified 2026-05-20
Important disclaimer
This library is for general tax education only. Always verify filing obligations, due dates, and tax consequences against the cited primary source or with a qualified tax professional.