Multi-member LLC tax return: Form 1065 and K-1s
Multi-member LLCs report income on Form 1065 and give each member a Schedule K-1.
- Agency
- IRS
- Who has to do it
- LLCs with two or more members taxed as a partnership.
- If it's late
- A penalty per member for each month the return is late.
Step by step
IRS Form 1065
Export last year's profit and loss.
Prepare Form 1065 and a K-1 for each member (usually with a CPA or tax software).
E-file Form 1065 and send K-1s to members.
Or file Form 7004 by the due date for a 6-month extension.
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