IRS Form 1065 Filing Requirements: What Partnerships Need to Know

If your business is a partnership or multi-member LLC, filing Form 1065 is a critical part of your tax responsibilities. Even though partnerships don’t pay income tax at the entity level, you still must file this informational return with the IRS—and distribute Schedule K-1s to your partners.

In this guide, we’ll cover when Form 1065 is due, who must file, what’s included, and the common pitfalls to avoid.

When Is Form 1065 Due?

• Standard Due Date:
  March 15 (or the 15th day of the third month following the end of your partnership’s tax year)

 → Example: Calendar-year partnerships must file by March 15.

• Need more time?
  File Form 7004 to request an automatic 6-month extension, usually pushing the deadline to September 15.
  
  
• Don’t forget Schedule K-1s:
  You must deliver a K-1 to each partner by the same due date as Form 1065 (March 15 or the extended deadline).
  
  

What Is Form 1065?

Form 1065, officially titled U.S. Return of Partnership Income, is an informational tax return required for all domestic partnerships. It reports the partnership’s income, deductions, credits, and other financial information—but the entity itself doesn’t pay Federal income tax.

Instead, the partnership’s profit or loss is passed through to its partners, who report their share on their individual tax returns using Schedule K-1.

Who Must File Form 1065?

You must file Form 1065 if your business is structured as:

• A general or limited partnership
• A multi-member LLC taxed as a partnership
• A foreign partnership with income effectively connected to the U.S.
• A limited liability partnership (LLP)

You’re not required to file Form 1065 if:

• You operate as a single-member LLC (file Schedule C instead)
• You’re structured as a C corporation or S corporation (file Form 1120 or 1120-S)

What’s Included in Form 1065?

Form 1065 requires a detailed look at your partnership’s financial activity. You’ll need to include:

• Partnership income and deductions
  
  
• Each partner’s name, address, and ownership percentage
  
  
• Schedule K-1: Allocation of profits, losses, credits, and capital per partner
  
  Additional Schedules Often Required:

How to File Form 1065

Filing Form 1065 correctly takes more than just plugging in numbers. Here's a basic checklist:

1. Gather Financial Records
   
   
   • Profit & loss statement, balance sheet, and general ledger
     
     
   • Partnership agreement (to determine ownership splits and terms)
     
     
2. Complete Form 1065 & Schedules
   
   
   • Include income, expenses, and capital account changes
     
     
   • Add any required additional forms (Schedules L, M-1, M-2, etc.)
     
     
3. Prepare & Distribute Schedule K-1s
   
   
   • One for each partner, reflecting their share of the year’s results
     
     
   • Partners use these to file their personal or business tax returns
     
     
4. File with the IRS
   
   
   • File electronically or by mail (e-file is required for partnerships with >100 partners)
     
     

Common Mistakes to Avoid with Form 1065

• Incorrect partner details on Schedule K-1
• Late filing without requesting an extension
• Assuming no activity = no need to file (Form 1065 is still required annually)
• Inaccurate income or deduction reporting
• Omitting required schedules for high-revenue partnerships

Each of these can lead to penalties, delays, or IRS notices—and may frustrate your partners who rely on timely, accurate K-1s.

Bottom Line

If you run a partnership or multi-member LLC, Form 1065 isn’t optional—and neither is getting it right. With strict deadlines, complex reporting, and partner communication at stake, it’s a high-priority task every year.

Need help filing Form 1065 or preparing Schedule K-1s? LedgerFi helps small businesses and partnerships stay compliant, accurate, and stress-free during tax season. Contact us to get started today.