When Is the 1065 Tax Form Due Date for Partnerships?
Learn when Form 1065 is due for partnerships, how to request an extension, and what to expect if you file late or operate on a fiscal year.
Partnerships in the U.S. must file Form 1065 with the IRS to report income, deductions, and other financial details. While partnerships don’t pay taxes, this form ensures tax responsibilities are properly allocated among partners.
Missing the filing deadline can lead to penalties, making it crucial to know key dates and available extensions.
Standard Filing Deadline
For partnerships operating on a calendar year, Form 1065 is due March 15 of the following year. If March 15 falls on a weekend or federal holiday, the deadline shifts to the next business day. For the 2024 tax year, the deadline is March 15, 2025.
Partnerships using a fiscal year must file by the 15th day of the third month after their tax year ends. For example, a partnership with a fiscal year ending June 30 must file by September 15. This schedule allows time to prepare financial records and distribute Schedule K-1 forms, which partners need for their individual tax filings.
Since Form 1065 is an informational return, the IRS cross-references it with individual tax returns. Errors or omissions can trigger audits, making accuracy essential.
Extensions
Partnerships needing more time can request a six-month extension by submitting Form 7004 by the original deadline. For calendar-year partnerships, this extends the deadline to September 15. However, this only applies to the partnership return—partners must still report their income on their personal tax returns, typically due April 15.
Form 7004 does not require an explanation, but errors can lead to rejection. If rejected, the partnership must correct and resubmit it before the original deadline. Filing electronically helps confirm receipt and avoid delays.
An extension prevents late filing penalties for Form 1065 but does not exempt the partnership from state tax obligations. Some states require a separate extension request, so partnerships operating in multiple states should verify local requirements.
Late Filing Penalties
Failing to file Form 1065 on time results in penalties of $220 per partner for each month the return is late, up to 12 months. A four-partner partnership filing six months late would owe $5,280 (4 partners × $220 × 6 months). These penalties apply even if the partnership has no taxable income.
Late filing also delays Schedule K-1 forms, which partners need for their personal tax returns. A late or incorrect K-1 can lead to amended returns, interest charges, or IRS scrutiny.
The IRS may waive penalties if a partnership shows reasonable cause, such as a natural disaster or serious illness. Forgetting the deadline or misunderstanding the rules does not qualify. Partnerships seeking relief must submit a written explanation with their late return, and the IRS evaluates requests individually.
Fiscal Year Filers
Partnerships that do not follow a calendar year must determine their filing deadline based on their fiscal year-end. The IRS generally requires partnerships to adopt a tax year that aligns with their partners’ tax situations, often a calendar year or one matching a majority interest partner’s tax year. Some partnerships, such as those qualifying under Internal Revenue Code Section 444, may use an alternative fiscal year.
For fiscal-year partnerships, Form 1065 is due on the 15th day of the third month after the fiscal year ends. This ensures partners receive their Schedule K-1s in time for their own tax filings. A partnership with an October 31 year-end must file by January 15 of the following year. Partnerships with fiscal years ending late in the year, such as November 30, face tighter timelines, as partners may need K-1s before their personal tax deadlines.