File Form 1065 with Inkle
Form 1065 is the US Return of Partnership Income. Every partnership and multi-member LLC taxed as a partnership files this return each year to report income, deductions, gains, and losses to the IRS. It does not matter whether your business was active or had no transactions at all. The filing requirement stands either way. Inkle's licensed CPAs handle the return, prepare Schedule K-1s for every partner, and file before your deadline.
What is Form 1065?
Form 1065, officially the US Return of Partnership Income, is the federal tax return that partnerships file every year with the IRS. Partnerships themselves do not pay income tax at the entity level. Instead, the profits, losses, deductions, and credits pass through to each individual partner, who then reports their share on their own personal tax return. Form 1065 is what gives the IRS the partnership-level picture before that happens.
Along with the main return, a Schedule K-1 is prepared for each partner showing their specific allocation of the partnership's income and deductions for the year. Each partner needs their K-1 to file their own return accurately. If your partnership has three partners, Inkle prepares three K-1s alongside the Form 1065.
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Who can file Form 1065?
Form 1065 is filed by any entity the IRS classifies as a partnership for tax purposes. If you are not sure whether this is your return, your entity type is the answer.
General partnerships
Any business owned by two or more people that has not formally elected a different tax classification with the IRS is treated as a general partnership by default, and Form 1065 is its return.
Limited partnerships and LLPs
Limited partnerships and limited liability partnerships follow the same filing rules as general partnerships, regardless of their specific structure.
Multi-member LLCs
An LLC with two or more members is treated as a partnership for federal tax purposes unless it has elected corporate classification. If your multi-member LLC has not made that election, Form 1065 is your return.
Nil filings
Whether an inactive partnership needs to file depends on whether it received any income or incurred expenditures treated as deductions or credits for federal tax purposes. If you are unsure, Inkle's CPAs can review your situation.
Inkle makes filing Form 1065 simple
We walk you through the Form 1065 process step by step, so you know exactly what information is needed at each stage.
A licensed CPA handles your Form 1065 from intake through submission, identifying what is needed, preparing the return, and filing it.
Inkle prepares an individual Schedule K-1 for each partner as part of the filing, showing their share of the partnership's income, deductions, and credits for the year.
Inkle tracks your March 15 and September 15 deadlines based on your entity type and sends reminders before they arrive.
Deadline
The deadline to file Form 1065 is March 15 for calendar-year partnerships, meaning partnerships whose tax year runs from January 1 through December 31. If you need more time, you can file for a six-month extension using Form 7004, which moves the deadline to September 15. There is no extension available beyond September 15.
Pro Tip
The penalty for a late partnership return is $220 per partner per month, calculated from the original due date. A three-partner partnership that files two months late owes $1,320 in penalties before any other tax considerations apply. Filing on time, or as early as possible if you are already past the deadline, is the most straightforward way to avoid this.
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FAQs
Form 1065 is the annual federal tax return for partnerships and multi-member LLCs taxed as partnerships. It reports the entity's income, deductions, gains, and losses to the IRS for the year, and it generates the Schedule K-1s that each partner uses when filing their own personal return. The partnership itself does not pay income tax on this return. The income passes through to the individual partners.
If your LLC has two or more members and has not elected to be taxed as a corporation, the IRS treats it as a partnership for tax purposes. That means Form 1065 is the federal return your LLC files each year, and each member receives a Schedule K-1 showing their share of the LLC's income and deductions.
Schedule K-1 is the document each partner or member receives after Form 1065 is filed. It shows their individual share of the partnership's income, deductions, and credits for the year. Every partner needs their K-1 to file their own personal tax return accurately. Inkle prepares K-1s for all partners as part of the Form 1065 filing.
March 15 for calendar-year partnerships. If you filed for a six-month extension using Form 7004, the extended deadline is September 15. There is no further extension available after that date.
Yes. Even if your partnership had no revenue, no expenses, and no transactions during the year, the IRS still requires a nil return to be filed. The filing requirement does not go away because the business was inactive.
Form 1065 is filed electronically with the IRS. Partnerships with 10 or more partners are required to file electronically. Inkle handles the preparation and electronic submission, so you do not need to navigate the IRS filing systems yourself.
The IRS charges $220 per partner per month for a late partnership return, starting from the original due date. The penalty grows each month the return stays unfiled and is separate from any tax owed by the individual partners.
For nil filings, closed books are not required. For active partnerships, it depends on how far along the books are. Reach out and tell us where things stand — the CPA will give you a direct answer on whether the deadline is workable with what is available.
