what is form 1065

Form 1065, also known as the U.S. Return of Partnership Income, is a tax form used by partnerships to report their income, gains, losses, deductions, and credits to the Internal Revenue Service (IRS) each tax year. Partnerships generally do not pay taxes themselves; instead, they use Form 1065 to prepare Schedule K-1s for each partner, which pass through income and losses to the partners. The form includes information related to a partnerships income and deductions, gains and losses, taxes, and payments during the tax year. Partnerships must file Form 1065 by the 15th day of the 3rd month following the date its tax year ended. The form is a source document prepared by a partnership as part of filing its U.S. Return of Partnership Income, and it is an informational tax return filed annually to report the income, gains, losses, deductions, and credits from the operation of a partnership.