What Form 1065 does
Form 1065 reports a partnership’s income, deductions, gains, and losses to the IRS. Partnerships themselves don’t pay federal income tax; instead, profits and losses “pass through” to each partner, who reports their share on their personal return via a Schedule K-1 (generated from this filing).

Who needs to file it
Any domestic partnership, and most multi-member LLCs (since the IRS treats them as partnerships by default unless they’ve elected otherwise), must file Form 1065 annually.

Why timing matters
Form 1065 is due earlier than personal returns; March 15 for calendar-year partnerships, because each partner needs their K-1 in hand before they can accurately file their own personal return. A late partnership filing has a ripple effect on every partner’s individual taxes.

How Luminary can help
We prepare accurate K-1s for every partner, keep your partnership’s books reconciled throughout the year (not just scrambled together in March), and make sure allocations reflect your actual partnership agreement. More information can be found on our services page.