What tax form should you use in a limited partnership?

Form 1065 is U.S. Return of Partnership Income. Limited partnerships generally file Form 1065. Schedule K-1 (Partner's Share of Income, Deductions, Credits, etc.) is provided/sent to each partner to report their share. Each partner then enters this information onto Schedule C (Profit or Loss from Business) or Schedule C-EZ (Net Profit from Business). If Schedule C/C-EZ shows net earnings of at least $400, then the partner also has to file Schedule SE (Self Employment Tax).

For more information, go to www.irs.gov/formspubs for Publication 541 (Partnerships) and Publication 3402 (Tax Issues for Limited Liability Companies).