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While you probably don’t need to fill out the form as an individual receiving income from an estate or trust, it’s good to know Schedule K-1 instructions that fiduciaries follow, so you understand how to interpret the form for your own income tax return. Keep a copy of the K-1 tax form if the IRS happens to have questions about the income reported. The fiduciary will file a copy of the form.
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A copy of the K-1 tax form should be sent along with your return if your backup withholding is reported on Box 13, Code B. If you received a K-1 tax form from a fiduciary, you should use it to help calculate your taxable estate or trust income on Form 1040. (For fiscal year estates and trusts, the K-1 tax form deadline is the 15 th day of the fourth month following the close if the estate or trust tax year.) What to do with a K-1 tax form Due to the additional time needed, the K-1 tax form deadline for calendar year estates and trusts is April 15 each year.
This is because estates and trusts need extra time to calculate the tax information as they apply to each beneficiary. K-1 tax form deadline for an estate or trustĪ K-1 form is typically received later than when you receive Forms W-2 or 1099. For example, this would be the case if you were a partner in in a partnership and you received income as the beneficiary of an estate. It’s possible to get multiple versions of the Schedule K-1 in the same tax year – the K-1 (1065), the K-1 (1120-S) and K-1 (1041).
An estate or trust required to file Form 1041 (United States Income Tax Return for Estates and Trusts) might pass certain items of income and deductions to its beneficiaries through IRS Schedule K-1.