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This list identifies the codes used on Schedule K-1 for beneficiaries and provides summarized reporting information for beneficiaries who file Form 1040 or 1040-SR. For detailed reporting and filing information, see the Instructions for Schedule
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 B. Inconsistent Treatment of Items.
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.
What is a Schedule K-1 Form 1041: Estates and Trusts? Written by a TurboTax Expert • Reviewed by a TurboTax CPA Updated for Tax Year 2024 • October 16, 2024 1:18 AM. OVERVIEW. An estate or trust can generate income that gets reported on Form 1041, United States Income Tax Return for Estates and Trusts.
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.
The estate or trust will send you a Schedule K-1 showing what you must report on your return. The IRS Schedule K-1 can include: Credits to reduce your taxable income. Deductions to reduce your taxable income. Investment income, like interest, dividends, and capital gains. Passive income, like rental income.
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.
