Question

On which tax form do LLCs with more than one owner generally report their income and losses?

1) Form 1120
2) Form 1120S
3) Form 1065
4) Form 1040, Schedule C

Answer 1

LLCs with more than one owner generally report their income and losses on Form 1065, also known as the U.S. Return of Partnership Income.

Step-by-step explanation:

LLCs with more than one owner generally report their income and losses on Form 1065, also known as the U.S. Return of Partnership Income. Form 1065 is used to report the partnership's income, deductions, gains, losses, and credits. Although the partnership itself does not pay income tax, it must provide each partner with a Schedule K-1 (Form 1065) which shows the partner's share of the partnership's income, deductions, credits, etc.