Mar 15
due date (calendar year)
6 mo
extension with Form 7004
$255
per member, per month late
Who must file Form 1065
A domestic LLC with at least two members is classified as a partnership for federal tax purposes unless it elects otherwise. Partnerships file Form 1065 every year to report income, deductions, gains and losses, and give each member a Schedule K-1.
- Files 1065: multi-member LLCs with default tax treatment.
- Doesn’t file 1065: single-member LLCs (Schedule C or Form 5472), and LLCs that elected S corp (Form 1120-S) or C corp (Form 1120) status.
Due date and extension
| Tax year | Original due date | Extended due date (Form 7004) |
|---|---|---|
| 2025 | March 16, 2026 | September 15, 2026 |
| 2026 | March 15, 2027 | September 15, 2027 |
Calendar-year partnerships. Fiscal-year partnerships file by the 15th day of the 3rd month after their year ends.
Late filing penalty
The IRS charges $255 per month or part of a month (up to 12 months), multiplied by the number of people who were partners at any time during the year (2025 instructions). Late or missing Schedule K-1s carry a separate per-statement penalty.
| Members | 3 months late | 12 months late |
|---|---|---|
| 2 | $1,530 | $6,120 |
| 3 | $2,295 | $9,180 |
| 4 | $3,060 | $12,240 |
How to file Form 1065
- Close your books for the year. Finalize income, expenses, member contributions and distributions. You’ll need a balance sheet if the partnership doesn’t meet the small-partnership exceptions in the instructions.
- Complete Form 1065. Report the LLC’s income, deductions and other items. The partnership itself generally pays no income tax.
- Prepare a Schedule K-1 for each member. Each K-1 shows that member’s share of income, deductions and credits, which they report on their own return.
- File by the 15th day of the 3rd month. March 15 for calendar-year LLCs (moved to the next business day on weekends). Need more time? File Form 7004 by the same date for an automatic extension, generally 6 months.
- Send K-1s to members. Furnish each member’s Schedule K-1 by the return due date; late K-1s carry their own penalty.
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General information from IRS publications, not tax advice. Your situation may differ — confirm with a CPA or enrolled agent before you act. Verified October 18, 2026. We may earn a commission if you sign up through our links, at no cost to you. How we’re funded.
Frequently asked questions
What is Form 1065?
The U.S. Return of Partnership Income. Multi-member LLCs taxed as partnerships (the default for two or more members) file it every year to report the business’s income and each member’s share on Schedule K-1.
When is Form 1065 due?
By the 15th day of the 3rd month after the tax year ends — March 15 for calendar-year partnerships. If that’s a weekend or holiday, the next business day (March 16 in 2026, March 15 in 2027).
What is the penalty for filing Form 1065 late?
$255 for each month or part of a month the return is late (up to 12 months), multiplied by the number of partners during the year, per the 2025 instructions. A 2-member LLC filing 3 months late owes $1,530.
Does a single-member LLC file Form 1065?
No. A single-member LLC is disregarded by default and reports on the owner’s return (Schedule C for individuals). A foreign-owned single-member LLC files Form 5472 with a pro forma Form 1120 instead.
Can I get an extension for Form 1065?
Yes. File Form 7004 by the original due date; the automatic extension is generally 6 months (to September 15 for calendar years). It extends the time to file, not to pay members’ own taxes.
Does the LLC pay tax with Form 1065?
Generally no — it’s an information return. Members pay income tax and self-employment tax on their K-1 shares on their own returns.
Your LLC setup checklist
- Get a free EINFrom the IRS, in minutes online.
- Open a business bank accountKeep LLC money apart from yours to protect the liability shield.
- Sign an operating agreementSettle who owns and decides what before it matters.
- Get business insuranceCover what the LLC itself doesn’t protect.
- Track state deadlinesFree reminders before each filing.
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