A partnership generally is not a taxable entity. The income, gains, losses, deductions, and credits of a partnership are passed through
to the partners based on each partner's distributive share of these items.
Schedule K-1 (Form 1065).
Although a partnership generally pays no tax, it must file an information return on Form 1065, U.S. Return of Partnership Income, and
send Schedule K-1 (Form 1065) to each partner. In addition, the partnership will send each partner a copy of the Partner's Instructions for
Schedule K-1 (Form 1065) to help each partner report his or her share of the partnership's income, deductions, credits, and tax preference
Keep Schedule K-1 (Form 1065) for your records. Do not attach it to your Form 1040.
For more information on partnerships, get Publication 541,
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