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Required Information and Documents Needed to Prepare Form

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Required Information and Documents Needed to
Prepare Form 1065 Partnership Tax Return
Whether you do your own taxes using tax software such as TurboTax or hire an
accountant, there are several pieces of information you need to complete Form
1065. Below you will nd a list of items you should have available along with a brief
description:
Prot and Loss Statement - This report summarizes your income and expenses
for the tax year and calculates your bottom line net prot or loss. If you use
accounting software such as QuickBooks, you can generate a prot and loss
report in a few minutes.
Balance Sheet Statement - This report summarizes the assets, liabilities, and
the owners’ equity at the end of the tax year. You can easily generate a balance
sheet report using QuickBooks.
Last Year’s Form 1065 - You will need a copy of the partnership’s tax return
from last year. If you cannot nd last year’s partnership return, you can ask the
IRS to send you a line-by-line transcription of your previous partnership return
by lling out Form 4506-T.
Partners Information - For each partner, you will need their name, address,
taxpayer identication number, the amount of capital they invested during the
year, and a signed Form W-9 or Form W-8BEN.
Distributions Made to Partners - You will need reports showing the amount of
payments to each partner, and whether those payments are classied as
guaranteed payments or as distributions of prot, and any federal or state tax
withheld on these payments.
Form 1099 Reporting Requirements - Was the partnership required to issue any
Forms 1099, and did the partnership in fact issue the Forms 1099? If you are not
sure, learn more in our guide to Form 1099 reporting.
Fixed Asset Purchases - A report showing the date and amount for each
purchase of a xed asset (such as machinery, equipment, computers, furniture,
or buildings), plus the date each asset was placed in service for business use.
Additional Information to Gather if This is
the First Partnership Return
If this year is the rst time your partnership or LLC is ling a tax return, you will need
to gather together general information about the business:
Employer Identication Number - This is your federal taxpayer identication
number for the business. You must have an EIN to le Form 1065. For more
information on how to apply for an EIN, check out our guide to Employer
Identication Numbers.
Start Date of Business - You will need to provide the date you started the
business. This might be the date you formed an LLC with a state government
agency.
Principal Business Activity - This is a word or short phrase to describe the
nature of your partnership business.
Principal Product or Service - This is a word or short phrase to describe the
types of services or products your business oers.
Principal Business Activity Code - This is a numerical code that describes
under which industry your business operates. Find a list of these codes at the
end of the IRS Instructions for Form 1065.
Accounting Method - The cash method and the accrual method are common
options for accounting methods. Most small and mid-sized businesses use the
cash method of accounting. To learn more, check out our guide to cash and
accrual accounting methods.
Partnership Agreement - Your partnership agreement might spell out special
rules for treating distributions, for guaranteed payments, and other accounting
matters.
Any state taxpayer identication numbers - Your business might have
state-issued taxpayer identication numbers. You may need those for the state
tax return.
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Completed 9 March 2021

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