The IRS Form 1065, officially titled "U.S. Return of Partnership Income," is a tax document required for partnerships in the United States. This form is filed by partnerships to report their income, gains, losses, deductions, credits, and other financial activities. Unlike the Schedule C, which is used by individuals to report self-employment income, Form 1065 is used by partnerships to report the business's overall financial status. The income or loss reported on Form 1065 is passed through to the partners, who then report their respective shares on their personal tax returns.
To create a Form 1065, please do the following:
- Go to the Main Menu located at the top left of the app
- Scroll down and choose the Accounting Reports option
- Choose Schedule C and the relevant year
- Read the disclaimer and then choose GET STARTED
- If any expenses remain uncategorized, categorize them
- Follow any additional instructions to generate the Form 1065
After generating the Form 1065, click on the download option found at the top right to save the Form 1065 on your device.
Here is a portion of a Form 1065 that is generated through Lili's app:
Lili is a technology company and not a bank. Banking services are provided by Choice Financial Group, Member FDIC. The Lili Visa® Business Debit Card is issued by Choice Financial Group, Member FDIC, pursuant to a license from Visa U.S.A.