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Schedule K-1 Form 1041 PDF Template

What is a Schedule K-1 Form 1041?

A Schedule K-1 (Form 1041) is a tax document used to report a beneficiary's share of income, deductions, credits, and other relevant items from an estate or trust. Issued by the fiduciary of the estate or trust, this form is essential for beneficiaries to report their share of income and deductions on their individual tax returns. The form provides detailed information, ensuring that beneficiaries are aware of their taxable income and any applicable deductions or credits that they must report on their personal tax filings. It also helps the IRS track and verify the reported income from estates and trusts.


How to Fill in Our Schedule K-1 Form 1041 PDF Template

Follow these steps to fill in the Schedule K-1 Form 1041 template:

  • Part I: Information About the Estate or Trust

    • Box A: Enter the estate’s or trust’s employer identification number (EIN).

    • Box B: Fill in the name of the estate or trust.

    • Box C: Provide the fiduciary’s name, address, city, state, and ZIP code.

    • Box D: Indicate if Form 1041-T was filed and enter the filing date.

    • Box E: Check if this is the final Form 1041 for the estate or trust.

  • Part II: Information About the Beneficiary

    • Box F: Enter the beneficiary’s identifying number (usually a Social Security Number).

    • Box G: Provide the beneficiary’s name, address, city, state, and ZIP code.

    • Box H: Indicate whether the beneficiary is domestic or foreign.

  • Part III: Beneficiary’s Share of Current Year Income, Deductions, Credits, and Other Items

    • Line 1: Report interest income.

    • Line 2a: Report ordinary dividends.

    • Line 2b: Report qualified dividends.

    • Line 3: Report net short-term capital gain.

    • Line 4a: Report net long-term capital gain.

    • Line 4b: Report 28% rate gain.

    • Line 4c: Report unrecaptured section 1250 gain.

    • Line 5: Report other portfolio and nonbusiness income.

    • Line 6: Report ordinary business income.

    • Line 7: Report net rental real estate income.

    • Line 8: Report other rental income.

    • Line 9: Report directly apportioned deductions (e.g., depreciation, depletion, amortization).

    • Line 10: Report estate tax deduction.

    • Line 11: Report final year deductions.

    • Line 12: Report alternative minimum tax adjustment.

    • Line 13: Report credits and credit recapture.

    • Line 14: Report other information as necessary.

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