Return Worksheet · Form 1065

Step 1

Partner information

Add up to five partners and their sharing percentages. Loss and capital shares default to the profit share — use the copy button to sync them, or edit independently.

What kind of partnership is this?

How many partners?

More than 5 partners? Fill in the first five here and contact us for the rest.

Name	Role	Entity type	Profit %	Loss %	Capital %	Beg. capital
Total			0.00%	0.00%	0.00%	$0

Step 2 · Form 1065, page 1

Income & deductions

Ordinary trade or business income and expenses only.

1aGross receipts or sales

1bLess returns and allowances

1cBalance $0

2Cost of goods sold

3Gross profit $0

4Ordinary income from other partnerships

5Net farm profit (loss)

6Net gain (loss), Form 4797

7Other income (loss)

8Total income $0

9Salaries and wages

10Guaranteed payments to partners

11Repairs and maintenance

12Bad debts

13Rent

14Taxes and licenses

15Interest

16aDepreciation

16bDepreciation reported elsewhere

17Depletion

18Retirement plans, etc.

19Employee benefit programs

21Other deductions

22Total deductions $0

23Ordinary business income (loss) $0

Compliance questions

Schedule B — other information

Mostly yes/no questions about the partnership's structure and activity for the year. Items highlighted in amber need the partnership's actual facts or a real decision — don't file with those left blank.

Entity classification & ownership

1What type of entity is filing this return?

2aDid any corp/partnership/trust/exempt org/foreign govt own 50%+ (direct or indirect)?

2bDid any individual or estate own 50%+ (direct or indirect)?

3aOwn 20%+ (or 50%+ indirect) of the voting stock of any corporation?

3bOwn 20%+ (or 50%+ indirect) of another partnership or a trust?

Small partnership exception

4Satisfies all four conditions? (receipts < $250K, assets < $1M, K-1s timely, no Sch. M-3)

General compliance

5Publicly traded partnership (section 469(k)(2))?

6Any debt canceled, forgiven, or modified to reduce principal?

7Filed (or required to file) Form 8918, Material Advisor Disclosure?

8Interest in or signature authority over a foreign financial account?

9Received a distribution from, or grantor of/transferor to, a foreign trust?

Basis adjustments

10aMaking (or previously made, not revoked) a section 754 election?Genuine election — needs the partnership's actual choice

10bOptional basis adjustment under section 743(b) this year?

10cOptional basis adjustment under section 734(b) this year?

10dRequired basis adjustment (substantial built-in loss/basis reduction)?

Other transactions

11Distributed like-kind exchange property (current or prior year)?

12Distributed a tenancy-in-common or undivided interest to a partner?

Foreign filings

13aNumber of Forms 8858 (Foreign Disregarded Entities/Branches) attached

14Does the partnership have any foreign partners?

15Number of Forms 8865 (Foreign Partnerships) attached

17Number of Forms 5471 (Foreign Corporations) attached

18Number of partners that are foreign governments (section 892)

26Foreign partners subject to section 864(c)(8) on a transfer/distribution

Domestic compliance

16aMade any payments in 2025 that would require Form(s) 1099?Depends on actual vendor/rent payments — confirm with preparer

16bIf yes to 16a — did you or will you file the required Form(s) 1099?Depends on 16a

19Payments to/from foreign partners requiring Forms 1042/1042-S?

20Specified domestic entity required to file Form 8938?

21Is this a section 721(c) partnership?

22Paid/accrued interest or royalty disallowed under section 267A?

23Election under section 163(j) for real property/farming business?

24Satisfies any of the business-interest-expense conditions (Form 8990)?

25Self-certifying as a Qualified Opportunity Fund?

27Any transfers subject to Reg. 1.707-8 disclosure requirements?

Corporate inversion & excise tax

28Foreign corp inversion acquisition of substantially all properties since 12/22/2017?

29aRequired to file Form 7208 — applicable foreign corporation rules?

29bRequired to file Form 7208 — covered surrogate foreign corporation rules?

30Any digital asset transactions (received or disposed of) during the year?

Elections & centralized audit regime

32Electing OUT of subchapter K under section 761?

33Electing OUT of the centralized partnership audit regime (BBA)?Real audit-procedure consequences — needs the partnership's actual choice

Designation of partnership representative (required only if line 33 is "No")

PRPartnership Representative — name (individual or entity)

PR addrPartnership Representative — U.S. address, city, state, ZIP

PR phonePartnership Representative — U.S. phone number

Step 3

Schedule K — partners' distributive share items

Lines 1 and 4c pull automatically from page 1. Enter everything else your partnership has for the year.

1Ordinary business income (loss) $0

2Net rental real estate income (loss)

3aOther gross rental income

3bExpenses from other rental activities

3cOther net rental income (loss) $0

4cTotal guaranteed payments $0

5Interest income

6aOrdinary dividends

7Royalties

8Net short-term capital gain (loss)

9aNet long-term capital gain (loss)

10Net section 1231 gain (loss)

11Other income (loss)

12Section 179 deduction

13aCash contributions

13cInvestment interest expense

13eOther deductions

14aNet earnings from self-employment $0

18aTax-exempt interest income

18cNondeductible expenses

19aDistributions of cash

19bDistributions of other property

20aInvestment income

20bInvestment expenses

Automatic

Schedule K-1 allocation

Every Schedule K line split across your partners by profit share (or capital share for distributions). Nothing to enter here — this updates as you fill in the sections above.

Line item

Step 4

Schedule L — balance sheet

Beginning and end of tax year, per your books.

Assets

BeginningEnd

Total assets $0 $0

Liabilities & capital

Partners' capital (from Sch. M-2) $0 $0

Total liabilities & capital $0 $0

Step 5

Schedule M-1 — reconciliation of income

Ties your book net income to the ordinary income and guaranteed payments reported on Schedule K.

1Net income (loss) per books

2Tax-exempt income on K, not on books $0

3Guaranteed payments $0

4Expenses on books, not on Schedule K

5Add lines 1 through 4 $0

6Income on books, not on Schedule K

7Section 179 deduction (from Sch. K) $0

8Add lines 6 and 7 $0

9Income (loss) — line 5 less line 8 $0

Automatic

Schedule M-2 — partner capital accounts

Rolls each partner's beginning capital forward using their profit share of book income and their capital share of distributions. Optional contributions or other adjustments can be entered per partner below.

Line item

Book-to-tax detail

Schedule M-3 — net income (loss) reconciliation

A more detailed alternative to Schedule M-1, required only above certain size thresholds. The check below tells you whether this partnership actually needs it — most don't. Included for reference either way.

Filing requirement check

A Total assets at end of year ≥ $10,000,000? $0 No

B Adjusted total assets ≥ $10,000,000? (enter if different from A)

C Total receipts for the year ≥ $35,000,000? $0 No

D Any partner owns/is deemed to own 50%+ (and itself must file M-3)? 0.00% No

Part I — Financial information

4aWorldwide consolidated net income (loss) per income statement $0

4bAccounting standard used GAAP

5–10Adjustments (nonincludible/disregarded entities, eliminations) — n/a for a standalone partnership

11Net income (loss) per income statement of the partnership $0

Part II — Income (loss) items

Item(a) Book(b) Temp. diff.(c) Perm. diff.(d) Tax return

6U.S. dividends $0$0$0$0

11Interest income (Form 8916-A, Part II) $0$0$0$0

15Cost of goods sold (Form 8916-A, Part I) $0$0$0$0

21bGross capital gains from Schedule D $0$0$0$0

22Other income (loss) items with differences

23Total income (loss) items $0$0$0$0

24Total expense/deduction items (Part III, line 31) $0$0$0$0

25Other items with no differences (balancing line) $0$0$0$0

26Reconciliation totals $0$0$0$0

Part III — Expense/deduction items

Item(a) Book(b) Temp. diff.(c) Perm. diff.(d) Tax return

6Meals and entertainment (50% permanently disallowed) $0$0

9Guaranteed payments (reported via Sch. K, line 4c) $0$0$0$0

25Depreciation (Section 179 = temp. diff.) $0$0$0$0

26Bad debt expense $0$0$0$0

27Interest expense (Form 8916-A, Part III) $0$0$0$0

31Total expense/deduction items (signs flipped) $0$0$0$0

Check: Part II line 26 col. (a) must equal Part I line 11, and col. (d) must equal Schedule M-1 line 9 — verified on the Checks tab.

Supports Schedule M-3

Form 8916-A — supplemental attachment

Breaks out cost of goods sold, interest income, and interest expense in more detail than Schedule M-3 shows directly — required only when M-3 itself is required.

Part I — Cost of goods sold

Item(a) Book(b) Temp. diff.(c) Perm. diff.(d) Tax return

1Amounts attributable to cost flow assumptions

2a–nStock comp / meals / pension / depreciation / §263A / other cost components

3–5Inventory shrinkage, obsolescence reserves, LCM write-downs

6Other items with differences

7Other items with no differences $0$0$0$0

8Total COGS → Sch. M-3 Part II, line 15 $0$0$0$0

Part II — Interest income

Item(a) Book(b) Temp. diff.(c) Perm. diff.(d) Tax return

1Tax-exempt interest income $0$0$0$0

2–4Hybrid securities / sale-lease / intercompany interest income

5Other interest income $0$0$0$0

6Total interest income → Sch. M-3 Part II, line 11 $0$0$0$0

Part III — Interest expense

Item(a) Book(b) Temp. diff.(c) Perm. diff.(d) Tax return

1–3Hybrid securities / lease-purchase / intercompany interest expense

4Other interest expense $0$0$0$0

5Total interest expense → Sch. M-3 Part III, line 27 $0$0$0$0

Diagnostics

Everything should read $0 or 100%

These confirm the return is internally consistent before it goes to your preparer.

Complete your Form 1065 return

Don't want to enter everything by hand?

Partner information

Income & deductions

Schedule B — other information

Schedule K — partners' distributive share items

Schedule K-1 allocation

Schedule L — balance sheet

Schedule M-1 — reconciliation of income

Schedule M-2 — partner capital accounts

Schedule M-3 — net income (loss) reconciliation

Form 8916-A — supplemental attachment

Everything should read $0 or 100%