Form 1065, U.S. Return of Partnership Income
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 on a Schedule K-1.
If you are a partner in a partnership, the information you need to prepare your individual tax return is on the Schedule K-1 you received from the partnership, not on Form 1065. K-1s can be complicated forms with lots of lines, but TurboTax asks about the data you need to enter.
Here is how to enter your Form 1065 Schedule K-1 information in TurboTax:
- In TurboTax, search for "k-1" (with the dash, either lower case or caps), and
Select "k-1, partnerships and s corporations" from the drop-down list. The search box is left of the Find button.
- With the search result showing, click Find to go to the Schedule K-1 and Schedule Q screen.
- On that screen, click Yes to go to the Tell Us About Your Schedule K-1 screen.
- On this screen, click Start/Update next to Partnerships/LLCs (Form 1065).
- On the following screens, enter your Schedule K-1 information.