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1041 schedule k-1 Form: What You Should Know
Who Should Prepare a Schedule K-1? If your estate is subject to estate tax, you may already know about the forms provided by the IRS. This is because most taxpayers will include a Schedule K-1 with their tax return to report their estate's or trust's income. If your beneficiary K-1 is a trust or a will, you must prepare a Schedule K-1 for your beneficiary. Your beneficiary is the person your estate is in charge of—their name or birthdate is the name of the trust. If you don't prepare a beneficiary's return on time, the IRS can impose penalties or revoke your estate tax exemption. You might also need to pay extra income tax on your beneficiary's income. However, if you must prepare Schedule K-1's for multiple beneficiaries, it may be a good idea to send a separate copy to all of your beneficiaries, rather than sending the original to the IRS for their use. How to Complete a K-1 The K-1 forms are pretty straightforward. Don't forget: The following instructions are from Publication 590: Forms 1040 and 1040A K-1 Forms 1040-EZ K-1 Form 1040A K-1 Schedule K-1 Schedule K-1. Publication 1750: Estate and Gift Tax Guide Publication 590 (PDF), Estate and Gift Tax Guide. Complete each section only once. There are no multiple-step instructions. The following three instructions and table assume you are filling out all three pieces of the same K-1: Complete the box labeled Line 1, line 2, and line 3, indicating all the following information for each part. Example. “Name of Beneficiary, Form 8332. If you have filed Forms 8332 with your return for the previous year, complete the last box. If you did not file Form 8332, fill out the box labeled. If all the following apply, check the appropriate box. “ (See Table). All Beneficiaries : Line 1, box 20, line 1, box 22, and line 1, box 23 on Form 1040; Part 1 on Form 1040A; Part 2 on Form 1040EZ; and Part 3 on Form 1040A; 2. “Your Benefice,” 2. “Type Number,” 4. “Date of Death,” and “Deductible Expenses,” 8.
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