What is the difference between federal tax form 1040 and 1065?

Question

I am in a general partnership and I don't know which form is right?

Answer 1

Form 1040 is filed by individuals and Form 1065 is filed by Partnerships. The Form K-1 you receive from the partnership will be used to prepare your 1040.

Answer 2

The 1065 is the partnership return. The 1040 is the individual return.

The 1065 is an informational return that accounts for the business income and expenses and allocates the profits among the partners via Schedule K-1.

The partners then each file their personal returns using the allocations from the partnership return using the Schedule K-1.