IRS Tax Form 1065 Instructions Schedule K-1 US Return of Partnership Income

Submitted by Godmode on Sat, 02/13/2010 - 16:20.
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Difficulty Level: 
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Form 1065 is an information return used to report the income, gains, losses,deductions, credits, etc., from the operation of a partnership. 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 returns.

If you own a Partnership Business in USA and wonder How do partnerships file and pay quarterly estimated tax payments? The answer is,
  • You should file Form 1065 (PDF), U.S. Partnership Return of Income to report income and expenses.
  • The partnership passes the information to the individual partners on Schedule K-1, Form 1065 and therefore rarely pays any tax.
  • The partners report the information from the K-1 on their individual returns and pay any taxes due on Form 1040.
  • Because partners are not employees of the partnership, no withholding is taken out of their distributions to pay the income and self-employment taxes on their Forms 1040.
  • The partners may need to pay Estimated Tax Payments using Form 1040-ES.

Quick Tip: 
Download Federal IRS Tax Form 1065 Instructions Example
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