What Is the Purpose of IRS Form 1065?


Quick Answer

The purpose of IRS Form 1065 is to report the income of a partnership, explains the Internal Revenue Service. Partnerships must file returns to report income, gains, losses and credits.

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Full Answer

There are additional forms that may need to be filed with the 1065, says the IRS. Schedule D of Form 1065 is needed for the partnership to report sales or exchanges of capital assets, nonbusiness bad debt and capital gain distributions. Schedule K-1 of Form 1065 is needed to report the share of a partner's income, credits and deductions. Schedule M-3 of Form 1065 provides information regarding the partnership's financial statements.

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