Rev. date: 08/04/2012
- Partnerships file
Form 1065 (PDF),
U.S. Return of Partnership Income, to report income and expenses.
- A partnership does not pay tax on its income but “passes through” any profits or losses to its partners. Generally, the partnership is required to prepare and give partners a
Schedule K-1 (Form 1065) (PDF),
Partner’s Share of Current Year Income, Deductions, Credits, and Other
Items.
- The partners report the information from the K-1 on their individual returns and pay any taxes due on Form
1040.
How To Pay Estimated Tax
There are five ways to pay estimated tax:
- Credit an overpayment on your 2010 return to your 2011 estimated
tax.
- Send in your payment (check or money order) with a payment voucher from Form
1040-ES.
- Pay electronically using the Electronic Federal Tax Payment System
(EFTPS)
- Pay by electronic funds withdrawal (EFW) if you are filing Form 1040
electronically.
- Pay by credit or debit card using a pay-by-phone system or the
Internet.
Because partners are not employees of the partnership, no withholding is taken
out of their distributions to pay the income and self-employment taxes on their
Forms 1040. The partners may need to pay estimated tax payments using Form
1040-ES.
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