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Learn how to report your share of estate or trust income, deductions, credits, etc., on your Form 1040 or 1040-SR using Schedule K-1. Find out the codes, attachments, and special rules for different types of items and situations.
You must provide Schedule K-1 (Form 1041), on or before the day you are required to file Form 1041, to each beneficiary who receives a distribution of property or an allocation of an item of the estate.
Use Schedule K-1 to report a beneficiary's share of the estate’s or trust’s income, credits, deductions, etc., on your Form 1040 or 1040-SR. Keep it for your records. Don’t file it with your tax return, unless backup withholding was reported in box 13, code.
6 Μαρ 2023 · Schedule K-1 is a reporting document, similar to a 1099 or a W-2. You must fill out a Schedule K-1 individually for each partner in a partnership or shareholder in an S corporation.
After filing Form 1041, the fiduciary will provide a beneficiary a Schedule K-1 1041 that reflects the beneficiary’s share of income, deductions, credits, and other items that the beneficiary will need to report on their individual tax return.
See: Instructions for Form 1041 - U.S. Income Tax Return for Estates or Trusts. The amount in Box 10 if the Schedule K-1 (Form 1041) consists of the estate tax that was paid on the beneficiary's proportion share of the IRD.
Schedule K-1, otherwise known as Form 1041, is called "U.S. Income Tax Return from Estates and Trusts." Learn how to fill out this form here.
