If I fill out a 1065 form, do I still file taxes?

Forum|Forum|11 months ago
April 16, 2025
2 replies
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My sister and I have a partnership for a small business

Vanessa A

Yes. If you fill out a 1065, it should generate a K-1. You will enter the K-1 on your personal return to report the income. You do not pay taxes when you file the form 1065 as it is a flow through entity. So the taxes are paid when you enter the K-1 on your personal return.

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Mike9241

the 1065 is only to report the business income/loss that must be reported on your personal 1040s. this is done by each of you preparing your own 1040 including the k-1 that the partnership issued (or should have issued) and other taxable income and deductions. It is with the 1040 that you pay any income taxes owed.