TL;DR: The annual return a partnership files. It reports the fund's income but usually pays no tax itself: the income lands on each partner's K-1.
Watch: What is Form 1065? (3 min, with captions)

What it is. The yearly information return for anything taxed as a partnership: most PE, credit and real estate funds, their general partners, and LLCs with two or more owners that haven't elected to be a corporation. It shows the fund's total income, deductions and credits, then splits them among the partners on a Schedule K-1 each (plus K-2/K-3 for international items).

Who has to file. Every domestic partnership, every year it exists, even in a year with no income. A foreign partnership generally has to file too if it has US-source income or income from a US business (ECI), with limited exceptions for small amounts of passive income.

When it's due. The 15th day of the 3rd month after year-end, so March 15 for a calendar-year fund. Form 7004 gives an automatic six-month extension to September 15, which most funds use. Filing late triggers a penalty for each partner, for each month (up to 12 months), so a big fund's late return gets expensive fast.

Who files Form 1065The fund partnership files Form 1065 by March 15 (or September 15 on extension); the IRS gets the return and each partner gets a K-1.Fund (partnership)or multi-member LLCForm 1065due Mar 15(Sep 15 extended)IRS + a K-1to every partner
The fund files; the partners pay tax on their share.

Worked example

A real estate fund with 120 LPs closes its books on December 31. It files Form 7004 in March, then files Form 1065 with 120 K-1s in September. Each LP reports its share of rental income and depreciation on its own return.

Where you'll see it: K-1 season: estimates to LPs in Q1, the extension in March, final 1065 and K-1s by September.

Code: IRC §§ 6031, 6072(b), 6698; Instructions for Form 1065 · Related: Schedule K-1 (and K-3), ECI, Section 1446 withholding, Form 8804 and 8805

Full explainer: Schedule M-1 and M-3 book-to-tax adjustments →

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This glossary is general information, simplified for learning. It is not tax, legal or investment advice, and real structures turn on facts and documents not shown here.