Use Tax Form 1065: U.S. Return of Partnership Income as a stand alone tax form calculator to quickly calculate specific amounts for your 2024 tax return. Alternatively you can use one of our Combined Federal and State Tax Estimator to quickly calculate your salary, tax and take home pay.
U.S. Return of Partnership Income Caution. Include only trade or business income and expenses on lines 1a through 22 below. See the instructions for more information. Income 1a Gross receipts or sales 1a b Returns and allowances 1b c Balance. Subtract line 1b from line 1a 1c 2 Cost of goods sold (attach Form 1125-A) 2 3 Gross profit. Subtract line 2 from line 1c 3 4 Ordinary income (loss) from other partnerships, estates, and trusts (attach statement) . 4 5 Net farm profit (loss) (attach Schedule F (Form 1040)) 5 6 Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797) 6 7 Other income (loss) (attach statement) 7 8 Total income (loss). Combine lines 3 through 7 8 Deductions 9 Salaries and wages (other than to partners) (less employment credits) 9 10 Guaranteed payments to partners 10 11 Repairs and maintenance 11 12 Bad debts 12 13 Rent 13 14 Taxes and licenses 14 15 Interest 15 16a Depreciation (if required, attach Form 4562) 16a b Less depreciation reported on Form 1125-A and elsewhere on return 16b 16c 17 Depletion (Do not deduct oil and gas depletion.) 17 18 Retirement plans, etc 18 19 Employee benefit programs 19 20 Other deductions (attach statement) 20 21 Total deductions. Add the amounts shown in the far right column for lines 9 through 20 21 22 Ordinary business income (loss). Subtract line 21 from line 8 22 Schedule B Other Information 1 What type of entity is filing this return? Check the applicable box: Yes No a Domestic general partnership b Domestic limited partnership c Domestic limited liability company d Domestic limited liability partnership e Foreign partnership f Other ▸ 2 At any time during the tax year, was any partner in the partnership a disregarded entity, a partnership (including an entity treated as a partnership), a trust, an S corporation, an estate (other than an estate of a deceased partner), or a nominee or similar person? 3 At the end of the tax year: a Did any foreign or domestic corporation, partnership (including any entity treated as a partnership), trust, or taxexempt organization, or any foreign government own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership? For rules of constructive ownership, see instructions. If “Yes,” attach Schedule B-1, Information on Partners Owning 50% or More of the Partnership b Did any individual or estate own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership? For rules of constructive ownership, see instructions. If “Yes,” attach Schedule B-1, Information on Partners Owning 50% or More of the Partnership 4 At the end of the tax year: a Own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation? For rules of constructive ownership, see instructions. If “Yes,” complete (i) through (iv) below (i) Name of Corporation (ii) Employer Identification Number (if any) (iii) Country of Incorporation(iv) Percentage Owned in Voting Stockb Own directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital in any foreign or domestic partnership (including an entity treated as a partnership) or in the beneficial interest of a trust? For rules of constructive ownership, see instructions. If “Yes,” complete (i) through (v) below (i) Name of Entity (ii) Employer Identification Number (if any)(iii) Type of Entity (iv) Country of Organization(v) Maximum Percentage Owned in Profit, Loss, or Capital Yes No 5 Did the partnership file Form 8893, Election of Partnership Level Tax Treatment, or an election statement under section 6231(a)(1)(B)(ii) for partnership-level tax treatment, that is in effect for this tax year? See Form 8893 for more details 6 Does the partnership satisfy all four of the following conditions? a The partnership’s total receipts for the tax year were less than $250000. b The partnership’s total assets at the end of the tax year were less than $1000000. c Schedules K-1 are filed with the return and furnished to the partners on or before the due date (including extensions) for the partnership return. d The partnership is not filing and is not required to file Schedule M-3 7 Is this partnership a publicly traded partnership as defined in section 469(k)(2)? 8 During the tax year, did the partnership have any debt that was cancelled, was forgiven, or had the terms modified so as to reduce the principal amount of the debt? 9 Has this partnership filed, or is it required to file, Form 8918, Material Advisor Disclosure Statement, to provide information on any reportable transaction? 10 At any time during calendar year 2016, did the partnership have an interest in or a signature or other authority over a financial account in a foreign country (such as a bank account, securities account, or other financial account)? See the instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If “Yes,” enter the name of the foreign country. ▸ 11 At any time during the tax year, did the partnership receive a distribution from, or was it the grantor of, or transferor to, a foreign trust? If “Yes,” the partnership may have to file Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. See instructions 12a Is the partnership making, or had it previously made (and not revoked), a section 754 election? . . . . . . See instructions for details regarding a section 754 election. b Did the partnership make for this tax year an optional basis adjustment under section 743(b) or 734(b)? If “Yes,” attach a statement showing the computation and allocation of the basis adjustment. See instructions c Is the partnership required to adjust the basis of partnership assets under section 743(b) or 734(b) because of a substantial built-in loss (as defined under section 743(d)) or substantial basis reduction (as defined under section 734(d))? If “Yes,” attach a statement showing the computation and allocation of the basis adjustment. See instructions 13 Check this box if, during the current or prior tax year, the partnership distributed any property received in a like-kind exchange or contributed such property to another entity (other than disregarded entities wholly owned by the partnership throughout the tax year) ▸ 14 At any time during the tax year, did the partnership distribute to any partner a tenancy-in-common or other undivided interest in partnership property? 15 If the partnership is required to file Form 8858, Information Return of U.S. Persons With Respect To Foreign Disregarded Entities, enter the number of Forms 8858 attached. See instructions ▸ 16 Does the partnership have any foreign partners? If “Yes,” enter the number of Forms 8805, Foreign Partner’s Information Statement of Section 1446 Withholding Tax, filed for this partnership. ▸ 17 Enter the number of Forms 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, attached to this return. ▸ 18a Did you make any payments in 2016 that would require you to file Form(s) 1099? See instructions 18b If “Yes,” did you or will you file required Form(s) 1099? 19 Enter the number of Form(s) 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations, attached to this return ▸ 20 Enter the number of partners that are foreign governments under section 892 ▸ 21 During the partnership’s tax year, did the partnership make any payments that would require it to file Form 1042 and 1042-S under chapter 3 (sections 1441 through 1464) or chapter 4 (sections 1471 through 1474)? 22 Was the partnership a specified domestic entity required to file Form 8938 for the tax year (See the Instructions for Form 8938)? Schedule K Partners’ Distributive Share Items Total amount Income 1 Ordinary business income (loss) (page 1, line 22) 1 2 Net rental real estate income (loss) (attach Form 8825) . 2 3a Other gross rental income (loss) 3a b Expenses from other rental activities (attach statement) 3b c Other net rental income (loss). Subtract line 3b from line 3a 3c 4 Guaranteed payments 4 5 Interest income 5 6a Dividends: a Ordinary dividends 6a b Dividends: b Qualified dividends 6b 7 Royalties 7 8 Net short-term capital gain (loss) (attach Schedule D (Form 1065)) 8 9a Net long-term capital gain (loss) (attach Schedule D (Form 1065)) 9a b Collectibles (28%) gain (loss) 9b c Unrecaptured section 1250 gain (attach statement) 9c 10 Net section 1231 gain (loss) (attach Form 4797) 10 11 Other income (loss) (see instructions) Type ▸ 11 Deductions 12 Section 179 deduction (attach Form 4562) . 12 13a Contributions 13a b Investment interest expense 13b c Section 59(e)(2) expenditures: (1) Type ▸ (2) Amount ▸ 13c(2) d Other deductions (see instructions) Type ▸ 13d Self- 14a Net earnings (loss) from self-employment 14a b Gross farming or fishing income 14b c Gross nonfarm income 14c Credits 15a Low-income housing credit (section 42(j)(5)) 15a b Low-income housing credit (other) 15b c Qualified rehabilitation expenditures (rental real estate) (attach Form 3468, if applicable) 15c d Other rental real estate credits (see instructions) Type ▸ 15d e Other rental credits (see instructions) Type ▸ 15e f Other credits (see instructions) Type ▸ 15f Foreign Transactions 16a Name of country or U.S. possession ▸ b Gross income from all sources 16b c Gross income sourced at partner level 16c Foreign gross income sourced at partnership level d Passive category ▸ e General category ▸ f Other ▸ 16f Deductions allocated and apportioned at partner level g Interest expense ▸ h Other ▸ 16h Deductions allocated and apportioned at partnership level to foreign source income i Passive category ▸ j General category ▸ k Other ▸ 16k l Total foreign taxes (check one): ▸ Paid Accrued 16l m Reduction in taxes available for credit (attach statement) . 16m n Other foreign tax information (attach statement) Alternative 17a Post-1986 depreciation adjustment 17a b Adjusted gain or loss 17b c Depletion (other than oil and gas) 17c d Oil, gas, and geothermal properties—gross income 17d e Oil, gas, and geothermal properties—deductions 17e f Other AMT items (attach statement) 17f Other 18a Tax-exempt interest income 18a b Other tax-exempt income 18b c Nondeductible expenses 18c 19a Distributions of cash and marketable securities 19a b Distributions of other property 19b 20a Investment income 20a b Investment expenses 20b c Other items and amounts (attach statement) 20c Analysis of Net Income (Loss) 1 Net income (loss). Combine Schedule K, lines 1 through 11. From the result, subtract the sum of Schedule K, lines 12 through 13d, and 16l 1 2 Analysis by partner type: (i) Corporate (ii) Individual (active)(iii) Individual (passive)(iv) Partnership (v) Exempt Organization (vi) Nominee/Other a General partners b Limited partners Schedule L Balance Sheets per Books Beginning of tax year End of tax year Assets (a) (b) (c) (d) 1 Cash 2a Trade notes and accounts receivable b Less allowance for bad debts 3 Inventories 4 U.S. government obligations 5 Tax-exempt securities 6 Other current assets (attach statement) 7a Loans to partners (or persons related to partners) b Mortgage and real estate loans 8 Other investments (attach statement) 9a Buildings and other depreciable assets b Less accumulated depreciation 10a Depletable assets b Less accumulated depletion 11 Land (net of any amortization) 12a Intangible assets (amortizable only) b Less accumulated amortization 13 Other assets (attach statement) 14 Total assets Liabilities and Capital 15 Accounts payable 16 Mortgages, notes, bonds payable in less than 1 year 17 Other current liabilities (attach statement) 18 All nonrecourse loans 19a Loans from partners (or persons related to partners) b Mortgages, notes, bonds payable in 1 year or more 20 Other liabilities (attach statement) 21 Partners’ capital accounts 22 Total liabilities and capital Schedule M-1 Reconciliation of Income (Loss) per Books With Income (Loss) per Return Note. The partnership may be required to file Schedule M-3 (see instructions). 1 Net income (loss) per books 2 Income included on Schedule K, lines 1, 2, 3c, 5, 6a, 7, 8, 9a, 10, and 11, not recorded on books this year (itemize): 3 Guaranteed payments (other than health insurance) 4 Expenses recorded on books this year not included on Schedule K, lines 1 through 13d, and 16l (itemize): a Depreciation $b Travel and entertainment $5 Add lines 1 through 4 6 Income recorded on books this year not included on Schedule K, lines 1 through 11 (itemize): a Tax-exempt interest $7 Deductions included on Schedule K, lines 1 through 13d, and 16l, not charged against book income this year (itemize): a Depreciation $8 Add lines 6 and 7 9 Income (loss) (Analysis of Net Income (Loss), line 1). Subtract line 8 from line 5 Schedule M-2 Analysis of Partners’ Capital Accounts 1 Balance at beginning of year 2a Capital contributed: Cash 2b Capital contributed: Property 3 Net income (loss) per books 4 Other increases (itemize): 5 Add lines 1 through 4 6a Distributions: Cash 6b Distributions: Property 7 Other decreases (itemize): 8 Add lines 6 and 7 9 Balance at end of year. Subtract line 8 from line 5