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This page intentionally left blank. Drake Software User s Manual Tax Year 2008 Supplement: Partnerships (1065) support.DrakeSoftware.com (828) 524-8020 Copyright Supplement to Drake Software User

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What is 1065 - partnerships?

1065 - partnerships is a tax form used by partnerships to report their income, deductions, gains, losses, and other information to the Internal Revenue Service (IRS) in the United States.

Who is required to file 1065 - partnerships?

Any partnership that generated income or experienced any changes in its membership or operations during the tax year is required to file Form 1065.

How to fill out 1065 - partnerships?

Form 1065 must be completed with accurate and detailed information about the partnership's finances, including income, expenses, deductions, assets, and liabilities. It also requires information about each partner's share of income and losses.

What is the purpose of 1065 - partnerships?

The purpose of Form 1065 is to report the partnership's financial activity and calculate its tax liability. It helps the IRS ensure that the partnership and its partners are properly reporting their income and paying the correct amount of taxes.

What information must be reported on 1065 - partnerships?

Form 1065 requires the partnership to report its total income, deductions, credits, and tax payments. It also requires details about the partners, including their names, addresses, and social security numbers.

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