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Federal Beneficiary's Share of Income, Deductions, Credits, etc.
Extracted from PDF file 2023-federal-1041-schedule-k-1.pdf, last modified December 2023Beneficiary's Share of Income, Deductions, Credits, etc.
661117 2023 Schedule K-1 (Form 1041) Department of the Treasury Internal Revenue Service beginning For calendar year 2023, or tax year / / ending / / Beneficiary’s Share of Income, Deductions, Credits, etc. See back of form and instructions. Part I A Information About the Estate or Trust Final K-1 Part III Amended K-1 OMB No. 1545-0092 Beneficiary’s Share of Current Year Income, Deductions, Credits, and Other Items 1 Interest income 2a Ordinary dividends 2b Qualified dividends 3 Net short-term capital gain 4a Net long-term capital gain 4b 28% rate gain 4c Unrecaptured section 1250 gain 5 Other portfolio and nonbusiness income 6 Ordinary business income 7 Net rental real estate income 8 Other rental income 9 Directly apportioned deductions 11 Final year deductions 12 Alternative minimum tax adjustment 13 Credits and credit recapture 14 Other information Estate’s or trust’s employer identification number B Estate’s or trust’s name C Fiduciary’s name, address, city, state, and ZIP code D E Check if Form 1041-T was filed and enter the date it was filed Check if this is the final Form 1041 for the estate or trust Part II Information About the Beneficiary F Beneficiary’s identifying number G Beneficiary’s name, address, city, state, and ZIP code 10 Estate tax deduction H Domestic beneficiary Foreign beneficiary For Paperwork Reduction Act Notice, see the Instructions for Form 1041. For IRS Use Only * See attached statement for additional information. Note: A statement must be attached showing the beneficiary’s share of income and directly apportioned deductions from each business, rental real estate, and other rental activity. www.irs.gov/Form1041 Cat. No. 11380D Schedule K-1 (Form 1041) 2023 Page 2 Schedule K-1 (Form 1041) 2023 This list identifies the codes used on Schedule K-1 for beneficiaries and provides summarized reporting information for beneficiaries who file Form 1040 or 1040-SR. For detailed reporting and filing information, see the Instructions for Schedule K-1 (Form 1041) for a Beneficiary Filing Form 1040 or 1040-SR and the instructions for your income tax return. Report on 1. Interest income Form 1040 or 1040-SR, line 2b 2a. Ordinary dividends Form 1040 or 1040-SR, line 3b Code 2b. Qualified dividends Form 1040 or 1040-SR, line 3a A Credit for estimated taxes 3. Net short-term capital gain Schedule D, line 5 B Credit for backup withholding 4a. Net long-term capital gain Schedule D, line 12 C Low-income housing credit 4b. 28% rate gain 28% Rate Gain Worksheet, line 4 (Schedule D instructions) D Advanced manufacturing production credit 4c. Unrecaptured section 1250 gain Unrecaptured Section 1250 Gain Worksheet, line 11 (Schedule D instructions) F Work opportunity credit 13. Credits and credit recapture E Reserved for future use G Credit for small employer health insurance premiums 5. Other portfolio and nonbusiness income Schedule E, line 33, column (f) 6. Ordinary business income Schedule E, line 33, column (d) or (f) I Credit for increasing research activities 7. Net rental real estate income Schedule E, line 33, column (d) or (f) 8. Other rental income Schedule E, line 33, column (d) or (f) J Renewable electricity production credit H Biofuel producer credit 9. Directly apportioned deductions L Reserved for future use A Depreciation Form 8582; or Schedule E, line 33, column (c) or (e) B Depletion Form 8582; or Schedule E, line 33, column (c) or (e) C Amortization Form 8582; or Schedule E, line 33, column (c) or (e) 10. Estate tax deduction A Excess deductions – Section 67(e) expenses } 12. Alternative minimum tax (AMT) items A Adjustment for minimum tax purposes C AMT adjustment attributable to net short-term capital gain D AMT adjustment attributable to net long-term capital gain E AMT adjustment attributable to unrecaptured section 1250 gain F AMT adjustment attributable to 28% rate gain G Accelerated depreciation H Depletion I Amortization J Exclusion items P Credit to holders of tax credit bonds Schedule 1 (Form 1040), line 24k (also see the beneficiary’s instructions) R Recapture of credits Schedule D, line 12; line 5 of the wksht. for Sch. D, line 18; and line 16 of the wksht. for Sch. D, line 19 Schedule 1 (Form 1040), line 8a E Net operating loss carryover — regular tax B AMT adjustment attributable to qualified dividends O Biodiesel and renewable diesel fuels credit ZZ Other credits 14. Other information Form 6251, line 2f Form 6251, line 2j See the beneficiary’s instructions Form 1040 or 1040-SR, line 2a B Foreign taxes Schedule 3 (Form 1040), line 1; or Schedule A, line 6 C Qualified rehabilitation expenditures See the beneficiary’s instructions D Basis of energy property See the beneficiary’s instructions E Net investment income Form 4952, line 4a F Gross farm and fishing income Schedule E, line 42 G Foreign trading gross receipts (Section 942(a)) See the Instructions for Form 8873 H Adjustment for section 1411 net investment income or deductions I Section 199A information J Qualifying advanced coal project property and qualifying gasification project property K Qualifying advanced energy project property See the beneficiary’s instructions and the Instructions for Form 6251 Form 1040 or 1040-SR, line 25c A Tax-exempt interest Schedule D, line 5 D Long-term capital loss carryover Form 1040 or 1040-SR, line 26 N Credit for employer-provided childcare facilities and services Q Credit for employer differential wage payments B Excess deductions – Non–miscellaneous See the beneficiary’s instructions itemized deductions C Short-term capital loss carryover M Orphan drug credit Schedule A, line 16 11. Final year deductions F Net operating loss carryover — minimum tax } K Empowerment zone employment credit Code Report on L Advanced manufacturing investment property M Reserved for future use ZZ Other information } Form 8960, line 7 (also see the beneficiary’s instructions) See the beneficiary’s instructions Note: If you are a beneficiary who does not file a Form 1040 or 1040-SR, see instructions for the type of income tax return you are filing. 2024 Form 8801
2023 Schedule K-1 (Form 1041)
More about the Federal 1041 (Schedule K-1) Individual Income Tax Tax Credit TY 2023
Purpose of Schedule K-1 (Form 1041) 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.
We last updated the Beneficiary's Share of Income, Deductions, Credits, etc. in January 2024, so this is the latest version of 1041 (Schedule K-1), fully updated for tax year 2023. You can download or print current or past-year PDFs of 1041 (Schedule K-1) directly from TaxFormFinder. You can print other Federal tax forms here.
Related Federal Individual Income Tax Forms:
TaxFormFinder has an additional 774 Federal income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Federal 1041 (Schedule K-1).
| Form Code | Form Name |
|---|---|
| 1041 (Schedule I) | Alternative Minimum Tax - Estates and Trusts |
| 1041 (Schedule D) | Capital Gains and Losses |
| 1041 (Schedule J) | Accumulation Distribution for Certain Complex Trusts |
View all 775 Federal Income Tax Forms
Form Sources:
The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal 1041 (Schedule K-1) from the Internal Revenue Service in January 2024.
1041 (Schedule K-1) is a Federal Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Federal 1041 (Schedule K-1)
We have a total of thirteen past-year versions of 1041 (Schedule K-1) in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 1041 (Schedule K-1)
2023 Schedule K-1 (Form 1041)
2022 1041 (Schedule K-1)
2022 Schedule K-1 (Form 1041)
2021 1041 (Schedule K-1)
2021 Schedule K-1 (Form 1041)
2020 1041 (Schedule K-1)
2020 Schedule K-1 (Form 1041)
2019 1041 (Schedule K-1)
2019 Schedule K-1 (Form 1041)
2018 1041 (Schedule K-1)
2018 Schedule K-1 (Form 1041)
2017 1041 (Schedule K-1)
2017 Form 1041 (Schedule K-1)
2016 1041 (Schedule K-1)
2016 Form 1041 (Schedule K-1)
2015 1041 (Schedule K-1)
2015 Form 1041 (Schedule K-1)
2014 1041 (Schedule K-1)
2014 Form 1041 (Schedule K-1)
2013 1041 (Schedule K-1)
2013 Form 1041 (Schedule K-1)
2012 1041 (Schedule K-1)
2012 Form 1041 (Schedule K-1)
2011 1041 (Schedule K-1)
2011 Form 1041 (Schedule K-1)
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