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.
Who this applies to
- Partnerships (general, limited, LLP)
- Multi-member LLCs (default partnership taxation)
- Joint ventures unless excluded from Subchapter K
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).
Penalties for missing this deadline
Late filing: $245 per partner per month, max 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
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