IRS Schedule K-1 (Form 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 and provide each beneficiary with a copy.
Don’t file Schedule K-1 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 may need to be reported on other forms or schedules. In TaxAct, that information will automatically flow from Schedule K-1 to the appropriate lines. For help, go to Entering Schedule K-1.