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Partnerships
 
A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor, or skill, and expects to share in the profits and losses of the business.

A partnership must file an annual information return to report the income, deductions, gains, losses etc., from its operations, but it does not pay income tax. Instead, it "passes through" any profits or losses to its partners.  Each partner includes his or her share of the partnership's income or loss on his or her tax return.

Partners are not employees and should not be issued a Form W-2.  The partnership must furnish copies of  Schedule K-1 (Form 1065) to the partners by the date Form 1065 is required to be filed, including extensions.

If you are a partnership or a partner (individual) in a partnership use the information in the charts below to help you determine some of the forms that you may be required to file.

 

If you are a partnership then you may be liable for... Use Form...
Annual return of income 1065

Employment taxes:

  • Social security and Medicare taxes and income tax withholding
  • Federal unemployment (FUTA) tax
  • Depositing employment taxes

941 ( 943 for farm employees)

940 or 940-EZ
8109

Excise Taxes  Refer to the Excise Tax web page

Chart 2 (Individual Partners in a Partnership)

If you are a partner (individual) in a partnership then you may be liable for... Use Form... 
Income Tax 1040 and Schedule E
Self-employment tax 1040 and Schedule SE
 Estimated tax 1040-ES



 



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