What Information Do I Need to File Form 1065 for a Partnership?

irs where to file form 1065

By Jean Murray. US Business Law / Taxes Expert

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Question: What Information Do I Need to File Form 1065 for a Partnership?

A partnership pays income tax through the returns of its partners, allocating share of income or loss to each partner according to the terms of the partnership agreement .

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The partnership files an information return on Form 1065. then gives each partner Schedule K-1 showing his or her share of income/loss for the year.

Preparing Form 1065 and Schedule K-1 forms

The process for preparing Form 1065 and Schedule K-1 forms is complicated, and you should have a competent tax preparer complete the form. But you can save time and money by gathering information to make preparation easier.

Information about the partnership, including the Employer ID number. business code (NAICS code). and the date the partnership was started.

If you sell products, information to calculate cost of goods sold

Source: biztaxlaw.about.com

Category: Taxes

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