IRS Form 1065
Partership Income Tax Return
IRS form 1065 is an informational tax return. It’s used in business partnerships to report financial info from the operation of the partnership. Partnerships don’t pay any tax on their income. The profits from a partnership pass on through to the partners. Same goes for the losses. When the partners do their taxes, they must include profits or loss from the partnership.
IRS form 1065 is actually the tax return used by partnership businesses. It’s 5 pages long and looks like an IRS form 1040: there is a section for income, a section for deductions, a Schedule B and a Schedule K.
The main difference is since form 1065 is for informational purposes, there is no line that calculates how much tax you owe or how much should be refunded to you. Here’s a direct link to the IRS form 1065 instructions and the form itself.Comments and Questions