Form 1065: Partnership Return
Annual federal information return for partnerships and multi-member LLCs taxed as partnerships. Due 15 March for calendar-year filers. 6-month extension via Form 7004 to 15 September. A partnership files one return for the entity and each partner reports their share from the Schedule K-1 on their own return. Schedules K-2 and K-3 have expanded filing exceptions starting with tax year 2024, so check whether they are needed for the partnership.
Finn tracks your United States deadlines
AccountsOS tracks your tax and filing deadlines, keeps the books and handles invoicing for United States businesses, in plain English. Ask Finn about yours, no signup needed.
Who this applies to
- Partnerships (general, limited, LLP)
- Multi-member LLCs (default partnership taxation)
- Joint ventures unless excluded from Subchapter K
- Entities that elected partnership treatment by default and have two or more members
What to file
Form 1065 with K-1 for each partner, P&L, balance sheet, M-1/M-2 reconciliations, partner basis schedules.
How to file
Electronically via authorized e-filers. Distribute K-1s to partners by 15 March.
Payment due
Partnership doesn't pay federal income tax. Partners pay on their K-1 share via personal Form 1040 (or partner-level corporate return). A partnership pays no federal income tax at the entity level, but it may owe state composite or withholding tax for non-resident partners. Late or incorrect Schedules K-1 can also carry the information return penalty of up to $340 per statement for 2026.
Penalties for missing this deadline
Late filing: $255 per partner per month for returns due after 31 December 2025, for up to 12 months. CPAR (Centralized Partnership Audit Regime) since 2018 means partnership-level adjustments can be assessed at entity level.
Filing checklist
- Reconcile book income to ordinary business income
- Calculate guaranteed payments to partners
- Update each partner's capital account and basis
- Generate K-1 for each partner
- File electronically
- Distribute K-1s by 15 March
Documents you'll need
- Partnership agreement and any amendments
- Capital account and basis records for each partner
- Year-end trial balance and balance sheet
- Guaranteed payment and distribution records
- Partner names, addresses and TINs
Common mistakes to avoid
- Treating LLC as corporation by accident (default is partnership for multi-member)
- Missing K-1 distribution deadline
- Not tracking inside vs outside basis for partners
- Forgetting state partnership tax / withholding for non-resident partners
Never miss a United States deadline
AccountsOS tracks every Internal Revenue Service (IRS) and State Secretary of State (varies by state) deadline and reminds you weeks ahead.
Try Free