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1041 k-1 Form: What You Should Know

Taxable income, except taxable capital gain income or dividends and interest, reported on Form 1041 for an estate or trust, including an annuity, trust, or nonprobate organization. 2023 Schedule K-1 (Form 1041-S) — IRS. A tax return is filed (the date of your election).  The beneficiary of a charitable organization is a person, estate, trust, etc. who was a settler of such organization. 2023 Instructions for Schedule K-1 (Form 1041-S) — IRS You may not have to pay tax on the interest or dividends reported on Schedule K-1 if you are a beneficiary of a nonprofit organization. If you are not a dependent, or if you are not a qualified charity, income and loss from a taxable interest, including capital gain from the disposition of capital property, is exempt from tax.

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