Form 1065

Definition

Form 1065 is the U.S. Return of Partnership Income filed annually by partnerships and multi-member LLCs taxed as partnerships. It reports the partnership's income, deductions, gains, and losses, and generates Schedule K-1s that allocate each partner's share of those items for use on their individual returns. The return is due March 15 for calendar-year partnerships, with an automatic six-month extension available via Form 7004.