What is this form?
Form 1065 (U.S. Return of Partnership Income) is the federal information return of a partnership. It reports the business's income, expenses, gains, and losses for the year.
The partnership itself does not pay income tax: the profit or loss is divided among the partners, who include it on their own returns.
For a calendar-year business, the general due date is March 15; if it falls on a weekend or legal holiday, it moves to the next business day.
Which businesses generally must file it?
- U.S. partnerships.
- LLCs with two or more members that did not choose another classification with the IRS: by default, the IRS treats them as partnerships.
Not every LLC files Form 1065. A single-owner LLC is generally reported on its owner's return, and an LLC that elected to be taxed as a corporation files Form 1120 or, with an S election in effect, Form 1120-S. We confirm which one applies to your business.
What is a Schedule K‑1?
It is the Form 1065 schedule that shows each partner's share of the partnership's income, deductions, and credits. The partnership prepares a K‑1 for each partner, and each partner uses that information for their own return.
What information and documents do we need?
- Partnership details: legal name, EIN, address, and start date.
- Partnership agreement or Operating Agreement, if any.
- Each partner's details and ownership percentage.
- Income for the year: bank statements and 1099 forms received.
- Business expenses with receipts.
- Purchases or sales of equipment, vehicles, or other assets.
- Payroll paid (Forms W‑2 and 941), if you had employees.
- Last year's return and prior K‑1s, if any.
Please do not send Social Security numbers, full EINs, or documents through the form on this page. After you request the service, we will email you the questionnaire and the list of documents.
How does our service work?
- Request the service.Fill out the form on this page.
- Receive the questionnaire.We email you a questionnaire in Spanish and the list of documents for your company.
- Send your information.Send back the questionnaire with copies of the year's documents.
- We prepare the partnership return and the K‑1s.We review the information and let you know if anything is missing.
- Review and approval.You review and approve the return before it is filed.
We prepare the return with the information and documents the company gives us. We confirm which form applies before we begin.
Costs
Our fees
Payments to the IRS
The IRS does not charge to file the form. Any payment to the IRS is made directly and is not part of our fees.
Frequently asked questions
Does my LLC have to file Form 1065?
It depends on how many members it has and how it is classified with the IRS. By default, an LLC with two or more members is treated as a partnership and files Form 1065, unless it elected to be taxed as a corporation.
Does the partnership pay tax with Form 1065?
Generally, it does not pay income tax: the profit or loss passes to the partners through the K‑1, and each partner reports it on their return.
When is it due?
For a calendar year, March 15 (or the next business day). An automatic extension can be requested with Form 7004, filed by the due date.
What do I need to get started?
Request the service on this page. We email you a questionnaire in Spanish with the list of documents for the partnership and the partners.
Official sources
Ge Chanfon Services LLC provides document preparation and administrative assistance services. We are not a law firm and do not provide legal advice. Approval of any application is decided by the appropriate government agency.