I have a General partnership on my EIN Notice when the EIN was requested. It says File form 1065. My Question is they call form 1065 a K-1 is this supposed to be filed with a Schedule C for my share of the profit and Expenses? All the information I am reading dosen't exactly state how to correctly file this on my personal tax return. We split the income which was only about 553 and the expenses down the middle. My thought was I file the 1065 and a schedule C that shows my half of the expenses for the partnership. Am I wrong?

“My Question is they call form 1065 a K-1 is this supposed to be filed with a Schedule C for my share of the profit and Expenses?” My thought was I file the 1065 and a schedule C that shows my half of the expenses for the partnership. Am I wrong?”----> Sch C is for sole proprietors that means one person. Your partnership itself generally does not pay income tax to the IRS. yOUR partnership files an annual information tax return with the IRS, Form 1065, stating all items of taxable income and tax deductions. Included is Schedule K-1 which details each partner's share of taxable income and tax deductions. If you are a member of a partnership that carries on a trade or business, your distributive share of partnership income or loss is taxable to you on your tax return. It makes no difference whether or not the partnership profits were distributed, they are still taxable on your tax return. Partnership income that is not withdrawn increases the value of your capital account. You Need to report the partnership income on your Form 1040 as indicated on Schedule K-1 of Form 1065. Your net earnings from self employment are shown on Schedule K-1 of Form 1065. So, you should figure your self employment tax on Form 1040, Schedule SE.