Tax

Form 1065

Form 1065 is the US return of partnership income, filed annually by multi-member LLCs and partnerships. The partnership itself pays no income tax; instead it reports profit or loss and issues a Schedule K-1 to each partner showing their share.

In plain terms: The tax return for companies with more than one owner.

Why it matters

Its deadline falls before the personal filing deadline, which is deliberate — partners need their K-1 before they can complete their own returns. Late partnership returns carry a per-partner, per-month penalty that escalates quickly.

Related terms

• Schedule K-1
• Multi-member LLC
• Partnership
• Pass-through taxation

Source: IRS — About Form 1065. This is a definition, not tax or legal advice — verify against the primary source before acting.