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1041 k-1 2023 Form: What You Should Know

The 2023 Schedule K-1 is not effective for a trust, an estate, or a partnership that has received an Individual Retirement Arrangement (IRA) and is converting to Schedule SEP (which doesn't have a beneficiary name on Schedule 1040) — see 2023 Forms 1040 and 1040A.  2017 Form 1043 or 1045 Form 1043 (with Schedule K-1) is not required when the estate is controlled by another estate. Form 1045 (with Schedule K-1) is required for the purpose of determining the value of a share (or the fair market value of an annuity contract or deferred part of an income annuity contract) in which an estate has a fixed right to the income. If you choose to use Schedule K-1-T for reporting the value of property and income not otherwise treated as income or deduction on your Form 1040, you need to attach Schedule K-1 for the years for which the amounts are due. The total income and the total deductions or credits you include on your Form 1040, 1040A, or 1040NR for the period for which they are due must total 3,000 or less for each of the years for which they may be due. If your income exceeds 3,000, it can be reported in Part II. For more information, see Income, Deductions, and Credits (Form 1040, Schedule A), and Part II: Inflation Adjustments (Form 1040, Schedule A). 2017 Schedule K-1 — Schedule K-1-T (V) A trust or another Estate/Trust to report the estate's share of income.

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