65: Partnership Return of Income and Instructions 2024 (2024)
Idaho · Idaho Tax Commission · Used for tax years 2024
Idaho Form 65 is the Partnership Return of Income for 2024. It reports partnership income, Idaho additions and subtractions, income apportioned or allocated to Idaho, taxes, credits, and payments to determine any refund or amount due. It can be used for an original or amended ret
Who files this form
Form 65 is Idaho’s Partnership Return of Income. The 2024 form is for calendar year 2024 or a fiscal year beginning in 2024.
The form includes three return types:
- Regular partnership return.
- Composite return, filed by an entity on behalf of its eligible owners.
- Affected business entity (ABE) return, for a partnership electing to be taxed at the entity level.
The supplied text does not state the criteria that determine whether a partnership must file.
What you'll need
Include with the return:
- A complete copy of federal Form 1065, including all federal Schedule K-1s.
- All Idaho Forms ID K-1. The partnership must also give each partner an Idaho Form ID K-1.
Depending on the items you report, additional attachments include:
- Form 42 for multistate or multinational operations.
- Form PTE-12 for income reported on the entity’s composite return.
- Form ABE for an ABE election, unless the ABE box is checked and an authorized person signs the return. If the signer is not authorized by the entity, all members’ signatures must be provided on Form ABE.
- Form 44 for applicable business income tax credits, credit recapture, or a qualifying prior-year nonrefundable credit.
- Form 75 for fuels use tax or fuel tax refunds.
- Form 49ER for recapture of the qualified investment exemption.
- A copy of Form 49E if you elected the property tax exemption for qualifying investment tax credit property.
- Form 56 or a schedule showing the application of an ABE net operating loss carryover.
- Form 70 when claiming a transferred credit, and the Idaho Reimbursement Incentive Certificate when claiming that credit.
- Supporting schedules required for reported additions, subtractions, depreciation adjustments, and allocated income.
How to file
Enter the partnership’s business name, mailing address, EIN, and NAICS code. For a fiscal-year return, enter the beginning and ending dates. Select the return type and complete the applicable lines and attachments.
An authorized individual must sign on behalf of the partnership. Do not staple the return.
Mail a return with payment to:
Idaho State Tax Commission
PO Box 83784
Boise ID 83707-3784
Mail a return without payment to:
Idaho State Tax Commission
PO Box 56
Boise ID 83756-0056
The supplied text does not provide e-filing instructions.
Common mistakes
- Leaving applicable questions unanswered. The instructions say incomplete returns delay processing and unanswered questions in the questions section will be assumed to be “no.”
- Entering a dash in the EIN. Enter the EIN without the dash.
- Completing lines 38 through 42 when they do not apply. Do not complete these lines if the income on lines 36 and 37 is distributed to partners and reported on a return other than a composite or ABE return.
- Entering an ABE loss carryover without making the ABE election. Leave line 38 blank if the partnership is not making that election.
- Claiming all partnership credits when paying tax for only some partners. The instructions for lines 43, 44, and 45 warn against entering the total credit earned by the partnership in that situation.
- Reporting sales or use tax on line 51 when you have an Idaho sales or use tax account. Report those purchases on your sales and use tax returns instead.
- Assuming a scholarship donation can be reversed. A donation designated on line 54 cannot be changed or refunded later.
Questions people ask
How should I round amounts?
Round to the nearest whole dollar. Round down amounts under 50 cents and round up amounts of 50 cents or more.
Can I use Form 65 to amend a return?
Yes. Check the amended return box and enter the reason number: 1 for a federal audit, 2 for a federal amended return, or 3 for another reason. Include an explanation for reason 3. Complete the entire form with corrected amounts and complete lines 67 through 70.
What apportionment percentage should I enter if all activity is in Idaho?
Enter 100% on line 35. Partnerships with multistate or multinational operations must complete and include Form 42 and use the factor from Part I, line 21.
Can I apply an overpayment to 2025 instead of receiving a refund?
For an original return, enter the amount you want refunded on line 66. The difference between that amount and the overpayment on line 65 is applied to your 2025 tax and will not be refunded. Refunds of less than $1 are not issued.