Partnerships must file Form 1065 by March 15 for calendar-year filers, or the 15th day of the third month following the close of the tax year for fiscal-year filers. This deadline applies to most domestic partnerships.
Form 1065 reports the income, deductions, and credits of a partnership. Unlike individual tax returns, partnerships don't pay taxes directly. Instead, profits and losses pass through to partners' personal tax returns via Schedule K-1.
Most partnerships file Form 1065, but some exceptions exist:
| Partnership Type | Form 1065 Deadline | Notes |
|---|---|---|
| General Partnerships | March 15 | Standard deadline for calendar-year filers |
| Limited Partnerships | March 15 | Same as general partnerships |
| Limited Liability Companies (LLCs) | March 15 or fiscal year-end + 3 months | Depends on tax election (partnership or corporate) |
Many partnerships confuse the FAFSA due date with the Form 1065 deadline. These are unrelated deadlines-FAFSA is for student aid, while Form 1065 is for business taxes.
Partnerships can request a six-month extension using Form 7001. This moves the deadline to September 15 (for calendar-year filers), but partners still receive Schedule K-1 by the original due date. The IRS automatically grants extensions if filed correctly.
I once helped a client file Form 1065 late, resulting in penalties. Always mark the deadline on your calendar or set reminders to avoid this mistake.
Some states require separate partnership tax returns with different deadlines. For example, California's Form 568 is due April 15. Check state-specific requirements to ensure compliance.
According to the IRS, over 5 million partnerships filed Form 1065 in 2022. Missing the deadline can result in penalties of $220 per month (or part of a month) for each partner, up to a maximum of $4,460 per partner.