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Partnership Tax Return: U.S. Return of Partnership Income
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Form 1065 in short
Form 1065 is the yearly information return a partnership files to report its income, gains, losses, deductions and credits. The partnership itself does not pay income tax. Instead each partner gets a Schedule K-1 showing their share, which they report on their own return. The current form is for tax year 2025.
| Issued by | Internal Revenue Service (IRS) |
|---|---|
| Current version | 2025 (checked 2026-10-25) |
| Who fills it in | Every domestic partnership, unless it had no income and no expenses treated as deductions or credits. LLCs taxed as partnerships have the same filing rules. Some foreign partnerships with U.S. income also file. Publicly traded partnerships treated as corporations file Form 1120 instead. |
| Who receives it | The IRS receives Form 1065 with a Schedule K-1 attached for each partner. Each partner also gets a copy of their own Schedule K-1. |
| Where to send it | Partnerships that file 10 or more returns of any type in the year, and all partnerships with more than 100 partners, are required to e-file. If you mail it, the address depends on the state of the principal business, office or agency and on total assets. Entities in Connecticut, Delaware, District of Columbia, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia or Wisconsin with total assets under $10 million and no Schedule M-3 use Kansas City, MO 64999-0011. Those same states with $10 million or more in assets, or filing Schedule M-3, use Ogden, UT 84201-0011. All other states use Ogden, UT 84201-0011. A foreign country or U.S. territory uses Internal Revenue Service, P.O. Box 409101, Ogden, UT 84409. Check the Where To File table in the instructions before mailing. |
| Deadline | The 15th day of the 3rd month after the tax year ends. For calendar year partnerships that is March 15. For tax year 2025 the instructions say a calendar year return is timely if filed by March 16, 2026, because March 15 fell on a Sunday. Form 7004 gives an automatic extension if filed by the regular due date. |
| Official links | Official page · Official PDF · Official instructions |
What changed
The 2025 instructions add direct deposit fields on lines 32b to 32d for refunds of an overpayment, and point balance due payments to IRS.gov/Payments. Domestic research or experimental costs paid in tax years beginning after 2024 can be deducted under new section 174A. Schedule B question 19 now covers payments allocable to foreign partners. New and updated Schedule K and K-1 codes cover sound recording production costs (line 13, code X), distributions (line 19), IRA partners (line 20, code AR), reimbursed preformation costs (line 20, code AZ) and qualified farmland sales (line 20, code ZZ).
How to fill out Form 1065, line by line
| Header | Name, address, items A to E Legal name of the partnership, address, principal business activity, product or service, business code, EIN and the date the business started. |
| Item F | Total assets Total assets at the end of the year. A partnership that answers Yes to Schedule B question 4 does not have to fill in item F. |
| Items G and H | Return type and accounting method Check initial, final, name change, address change or amended return as they apply, and the accounting method used (cash, accrual or other). |
| Item I | Number of Schedules K-1 Attach one Schedule K-1 for each person who was a partner at any time during the tax year. |
| Lines 1a to 8 | Income Gross receipts, cost of goods sold (with Form 1125-A), and other trade or business income. Only trade or business income goes on these lines. Items such as rental and portfolio income are separately stated on Schedule K. |
| Lines 9 to 22 | Deductions Wages to employees, guaranteed payments to partners, rent, taxes, interest, depreciation (attach Form 4562 if required) and other business deductions. |
| Line 23 | Ordinary business income (loss) Line 8 minus line 22. This total is passed through to partners on Schedule K and each Schedule K-1. |
| Lines 24 to 32d | Tax and payment Covers look-back interest, BBA imputed underpayments and other taxes, payments, and any amount owed or overpaid. Use lines 32b to 32d for direct deposit of an overpayment. |
| Signature | Partner or LLC member signature Signed by a partner or LLC member. A paid preparer also completes the Paid Preparer Use Only section. |
| Schedule B | Other information Yes or No questions about the partnership type, ownership and activities. Question 4 lets small partnerships skip Schedules L, M-1 and M-2 if they meet all four conditions printed on the form. |
| Schedule K | Partners' distributive share items Totals for all partners of income, deductions, credits and other items. Each partner's share of these lines goes on their Schedule K-1. |
| Schedules L, M-1, M-2 | Balance sheet and reconciliations Book balance sheet, reconciliation of book income to return income, and analysis of partners' capital accounts. Optional if the answer to Schedule B question 4 is Yes. |
Common mistakes to avoid
- Leaving out a Schedule K-1 for a partner who was in the partnership for only part of the year.
- Answering Yes to Schedule B question 4 without meeting all four conditions printed on the form.
- Putting rental or portfolio income on page 1 instead of separately stating it on Schedule K.
- Missing the March due date and assuming no penalty applies because the partnership owes no tax. The late filing penalty is figured per partner, per month.
- Filing on paper when the partnership files 10 or more returns of any type in the year, or has more than 100 partners.
- Mailing to Kansas City when Schedule M-3 is attached. Returns with Schedule M-3 go to Ogden.
- Forgetting to give each partner their Schedule K-1 by the return due date, including extensions.
Questions about Form 1065
Does a partnership pay tax on Form 1065?
Generally no. Form 1065 is an information return. Profits and losses pass through to the partners, who report their shares from Schedule K-1 on their own returns.
When is Form 1065 due?
By the 15th day of the 3rd month after the tax year ends, which is March 15 for calendar year partnerships. If that date falls on a weekend or legal holiday, the next business day counts as on time.
How do I get more time to file Form 1065?
File Form 7004 by the regular due date. Form 7004 can be filed electronically.
What is the penalty for filing Form 1065 late?
For tax year 2025 the instructions list $255 for each month or part of a month the return is late, up to 12 months, multiplied by the number of partners during the year. It can be waived for reasonable cause.
Does a multi-member LLC file Form 1065?
Yes, if it is classified as a partnership for federal tax purposes, which is the general rule for an LLC with more than one owner.
Does every partnership have to complete the balance sheet?
No. If the partnership meets all four conditions in Schedule B question 4, Schedules L, M-1 and M-2 and item F are not required.
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Checked against the official sources on 2026-10-25. PDF Editor Hub is not affiliated with the Internal Revenue Service or any government agency. This page is general information, not legal or tax advice.