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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

When filling the return, TaxAct will only print the Schedule K-1s for each beneficiary if required.  If you would like TaxAct to always print the Schedule (even if not required), follow the directions below:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal.
  2. Click Miscellaneous Topics  in the Federal Quick Q&A Topics menu to expand the category, then click Print Schedules K-1
  3. Check the box Print Schedule K-1 copies with the estate or trust's return 

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