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Form 1065 (Schedule C) for Portland Oregon: What You Should Know
If you are a partnership, you report the tax withheld at your partner's tax rate. It is not required if you are a sole proprietor or if you have income that is not taxable to any partner. If you are reporting income from a partnership that includes a partner whose tax rate is above the 15-percent rate for partnership income, you must report any part of the partnership interest that you receive (other than payments that are treated as distributions). Therefore, you must have income from a partnership that is greater than the gross income from the partnership. If you are filing jointly with a partner or have partners who are not filing jointly, see If you are filing jointly, who should file Schedule B for his or her share of partnership tax. If your tax is reported on Schedule C, E, or F, you can file Schedule C, E, F, I, or O to adjust your information. For tax year 2025, all taxpayers will need to complete and file Schedule C, E, F, I, or O. For details, see the IRS Form 1065, U.S. Return of Partnership. Note: If you are not collecting personal taxes from a partner, you should not file Form 1065. If you file the Return without a check to cover all taxes, the amount is not refundable. To get a refund of any taxes withheld, you must repay the tax to the IRS. If you have not filed a return for at least two tax years, you get a refund only if you have had no gross sales in at least two of the five previous years and the taxable sales are at least 400, and not less than 100. If you get a refund, you may be able to deduct your share of the taxes paid by your partner from your tax. The partner will have the deduction for all his or her share of the tax withheld from the partnership income. Your share for the return is the least of the amount of tax withheld from your partnership income and the tax you paid. If the refund is more than you paid in tax, the refund will be taxable to you. If your partnership has an ownership limit, you must pay the partner the amount of tax he or she could have deducted if he or she had owned more than the ownership limit.
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