IRS Tax Form 1065 PDF Template

What is a IRS Tax Form 1065?

IRS Form 1065, officially titled "U.S. Return of Partnership Income," is a tax document used by partnerships to report their income, deductions, gains, losses, etc., to the Internal Revenue Service (IRS). The form is used to declare the financial performance of the partnership for the given tax year. It includes sections on income, deductions, tax credits, and other pertinent financial information. The form also requires the partnership to include Schedule K-1, which reports each partner's share of the partnership's income, deductions, credits, and other financial items. This form is essential for partnerships to remain compliant with federal tax regulations.

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How to Fill in Our IRS Tax Form 1065 PDF Template

Follow these steps to fill in the IRS Tax Form 1065 template:

Basic Information

Name of partnership: Enter the official name of the partnership.
Number, street, and room or suite no.: Provide the full address, including the street, room, or suite number.
City or town, state or province, country, and ZIP or foreign postal code: Enter the city, state, and postal code.
Principal business activity: Describe the main activity of the business.
Principal product or service: Detail the primary product or service offered.
Business code number: Use the appropriate business code number from the IRS instructions.
Employer identification number: Enter the partnership's EIN.
Date business started: State the date when the business began operations.
Total assets: Provide the total assets value at the end of the tax year.

Check Applicable Boxes

Initial return, final return, name change, address change, amended return: Check the box that applies.
Accounting method: Indicate the accounting method used (cash, accrual, or other).

Income Section

Gross receipts or sales: Enter the total gross receipts or sales.
Returns and allowances: Subtract returns and allowances from gross receipts.
Balance: Calculate the balance (line 1a - line 1b).
Cost of goods sold: Attach Form 1125-A if applicable.
Gross profit: Subtract the cost of goods sold from the balance.
Other income: Report any other income, attaching relevant statements as necessary.

Deductions

Salaries and wages: List the total salaries and wages paid, excluding those to partners.
Guaranteed payments to partners: Record the guaranteed payments made to partners.
Repairs and maintenance: Include all expenses for repairs and maintenance.
Bad debts: Report bad debts written off during the tax year.
Rent: Enter the total rent expenses.
Taxes and licenses: Include all tax and license expenses.
Interest: Detail interest expenses, referencing the instructions if needed.
Depreciation: Attach Form 4562 if required and subtract depreciation reported elsewhere.
Depletion: Do not include oil and gas depletion.
Retirement plans: Enter the costs of retirement plans.
Employee benefit programs: Include all employee benefit program expenses.
Other deductions: Attach a statement listing other deductions.
Total deductions: Sum the deductions from lines 9 through 20.

Tax and Payment

Interest due under the look-back method: Attach Form 8697 or 8866 if applicable.
Other taxes: Include any other applicable taxes.
Total balance due: Sum the amounts on lines 23 through 26.
Payment: Enter any payments made.
Amount owed or overpayment: Calculate the difference between payments and total balance due.

Signature

Signature of partner or member: Ensure a partner or member signs the form.
Date: Include the date of signature.
Paid preparer use only: If applicable, include the preparer's information, signature, and PTIN.