Digital IRS Form Schedule K-1 (1065-B) Sample 2017-2022

I would assume that you applied for an employer identification number and checked the partnership box by mistake instead of sole proprietor. If this is the case, this requires you to obtain a new EIN. If you properly filled out the application for an EIN, you can ignore the 1065 notice. Your EIN acknowledgement letter from the IRS will state what type of return they expect you to file under the EIN.

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No, you cannot file a single-member LLC as a partnership. The only option that you have in this case is to make an election to be treated as an association taxable as a corporation, by filing Form 8832 (and then you can elect to be treated as either an S-corporation by also filing Form 2553). See Limited Liability Company (LLC) on the IRS Website.

Form 1065 is an information return filed by partnerships in the US. Partnerships are not taxed on the income that the partnership earns, the tax liability on the partnership income is passed through the partnership to the individual partners. When Form 1065 is filed, the partnership reports each partner's share of the partnership income and deductions and credits that are passed through to them on Schedule K-1. Each partner gets a copy of the applicable Schedule K-1 and uses the information from that form on their own individual tax returns. So Schedule K-1 is a part of Form 1065, generated from the information that the partnership reports on Form 1065.

1065 is the LLC or LLP filing if there is more than one ‘partner or owner’. That generates the K-1 that goes onto every ‘owner/partner’s• form 1040 personal taxes. (Not tax advice)

Barry has answered the question well, but I would add that for the year of the spouse's death, she should file the 1065.  In subsequent years, the LLC becomes a single member LLC, and as such, she should file a Schedule C, or make the election to have the LLC taxed as an S-Corp or C-Corp.  Given the complexity of filing and administrative overhead, these are probably not the options of choice given the presumption that simplifying things is the goal.  So, in the final year of the LLC filing as a 1065, be sure to indicate “final" return.

I assume the question is do you need to file a Form 1065 for your partnership is you had no income or expenses.  The answer is if you have a domestic partnership, and had no income or expenditures that are counted as tax deductions, you do not have to file a partnership return.