Search results
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
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 2023.
Purpose of Form. 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.
Schedule K-1 and Form 1041. If beneficiaries receive the income established from a trust or estate, they must pay income tax on it. An estate or trust that generates income of $600 or more; and estates with nonresident alien beneficiaries must file a Form 1041.
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.
Federal Form 1041 Schedule K-1 plays a pivotal role in the tax obligations of beneficiaries receiving distributions from estates and trusts. By understanding how to read and utilize this form, beneficiaries can ensure they comply with tax laws and optimize their financial outcomes.
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.
