Form 1065 (U.S. Return of Partnership Income)

Form 1065 is a tax document that partnerships—including LLCs taxed as partnerships—use to report their income, deductions, gains, losses, and other financial details to the IRS. It summarizes the partnership’s financial activity for the year, but the partnership itself doesn't pay income taxes directly. Instead, the income is passed through to each partner, who reports their share on their personal tax returns. The form also includes Schedule K and Schedule K-1, which detail how profits or losses are allocated among partners. Filing Form 1065 ensures transparency and compliance with federal tax laws for partnerships.