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I have a partnership in a business do I need to file it by itself or can I file it with my personal return?

 
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DianeW
Expert Alumni

I have a partnership in a business do I need to file it by itself or can I file it with my personal return?

If you are involved in a partnership with another individual then a partnership entity should be established to report that activity, then the information is reported on a Form 1065, K1 for each partner.  The K1 is then used on your personal return. 

That being said, if you just started this partnership in 2016 and the activity is minimal for last year you could enter your portion directly on your personal return.  If you continue in this partnership apply for the EIN and establish the entity by using an SS4 to complete your application.

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