Schedule K-1 (1041) is used to report a beneficiary's share of income, deductions, and credits from a trust or estate. The fiduciary must file Schedule K-1 with the IRS for each beneficiary. The fiduciary must also provide the beneficiary with a copy of his or her K-1.
You should not file Schedule K-1 (1041) with your individual taxes unless there is backup withholding reported in box 13, code B. Keep Schedule K-1 with your tax records.
Some information from Schedule K-1 (1041) may need to be reported on other forms or schedules. In TaxACT, this information will automatically flow from Schedule K-1 to the appropriate lines. For instructions on entering Schedule K-1 (1041) in TaxACT, see Entering Schedule K-1.