Partnerships file an information return to report their income, gains, losses, deductions, credits, etc. A partnership does not pay tax on its income but "passes through" any profits or losses to its partners. Partners must include partnership items on their tax or information returns. Current revision Form 1065 PDF Instructions for Form 1065 (Print version PDF) Recent developments Partner’s instructions for Schedule K-1, Box 20, Code ZZ—CAMT -- 17-APR-2024 Partnership Instructions for Schedule K-1, Box 20, Code ZZ—CAMT -- 28-MAR-2024 Update to 2023 Partnership Instructions for Schedules K-2 and K-3 (Form 1065) -- 29-FEB-2024 Correction to the 2022 Partner’s Instructions for Schedule K-1 (Form 1065) -- 24-FEB-2023 Tax shelter election in regulations section 1.448-2(b)(2)(iii)(B)(2) -- 19-FEB-2021 Schedules Schedule B-1 (Form 1065), Information on Partners Owning 50% or More of the Partnership Partnerships use Schedule B-1 (Form 1065) to provide information applicable to certain entities, individuals, and estates that own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership. Schedule B-1 (Form 1065) PDF Schedule C (Form 1065, Additional Information for Schedule M-3 Filers Some filers of Schedule M-3 (Form 1065), Net Income (Loss) Reconciliation for Certain Partnerships, use Schedule C (Form 1065) to provide answers to additional questions. Schedule C (Form 1065) PDF Instructions for Schedule C (Form 1065) Schedule D (Form 1065), Capital Gains and Losses Use this schedule to report: The overall capital gains and losses from transactions reported on Form 8949, Sales and Other Dispositions of Capital Assets. Certain transactions the partnership doesn't have to report on Form 8949. Capital gains from installment sales from Form 6252, Installment Sale Income. Capital gains and losses from like-kind exchanges from Form 8824, Like-Kind Exchanges (and section 1043 conflict-of-interest sales). Partnership's share of net capital gains and losses, including specially allocated capital gains and losses, from partnerships, estates, and trusts. Capital gain distributions. Schedule D (Form 1065) PDF Instructions for Schedule D (Form 1065) PDF Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc. The partnership files a copy of Schedule K-1 (Form 1065) with the IRS to report your share of the partnership's income, deductions, credits, etc. Schedule K-1 (Form 1065) PDF Partner’s Instructions for Schedule K-1 (Form 1065) Clarifications for the 2020 Partner’s Instructions for Schedule K-1 (Form 1065) Clarifications for the 2019 Partner’s Instructions for Schedule K-1 (Form 1065} Schedules K-2 (Form 1065) & K-3 (Form 1065) Schedules K-2 & K-3 are new for tax year 2021. They are extensions of Schedule K and are used to report items of international tax relevance from the operation of a partnership. Schedule K-2 PDF Schedule K-3 PDF Instructions for Schedules K-2 & K-3 PDF Instructions for Schedule K-3 PDF Schedule M-3 (Form 1065), Net Income (Loss) Reconciliation for Certain Partnerships Partnerships file Schedule M-3 (Form 1065) to: Answer questions about their financial statements and reconcile financial statement net income (loss) for the consolidated financial statement group to income (loss) per the income statement for the partnership. Reconcile financial statement net income (loss) for the partnership to line 1 of the Analysis of Net Income (Loss) found on Form 1065 and Form 1065-B. Schedule M-3 (Form 1065) PDF Instructions for Schedule M-3 (Form 1065) Other items you may find useful All Form 1065 revisions Clarifications for disregarded entity reporting and section 743(b) reporting About Publication 15, (Circular E), Employer's Tax Guide About Publication 51, (Circular A), Agricultural Employer's Tax Guide About Publication 225, Farmer's Tax Guide Other current products Related items Schedules for Form 1065 About Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons About Form 1065-X, Amended Return or Administrative Adjustment Request (AAR) About Form 1125-A, Cost of Goods Sold About Form 1128, Application to Adopt, Change or Retain a Tax Year About Form 3115, Application for Change in Accounting Method About Form 3468, Investment Credit About Form 3800, General Business Credit About Form 4562, Depreciation and Amortization (Including Information on Listed Property) About Form 4797, Sales of Business Property About Form 8979, Partnership Representative Revocation, Designation, and Resignation
