Looking for a Arizona Tax Forms And Templates? Download it for free!

Form 141 K-1 - Resident Or Part-Year Resident Beneficiary'S Share Of Income - Instructions

Resident or Part-Year Resident

Arizona Schedule

Beneficiary's Share of Income

141 K-1

the trust or estate.

Instructions to Fiduciary

Do not file this Schedule K-1 with your return. Keep this Schedule K-1 with your records.

Complete a Form 141 Schedule K-1 for each resident or part-year resident beneficiary.

The fiduciary filed a copy of this form with the department.

File one copy of each Schedule K-1 with the fiduciary's Form 141.

Resident Beneficiary

Provide all beneficiaries with a copy of their Schedule K-1. Keep a copy for your records.

Line 3 shows your share of the income from the estate or trust. You must report this

amount as an addition to income on your Arizona return. If you are an individual, report

Beneficiary's Share of Income

this amount on your Arizona Form 140, line B11. When you make this addition, you must

also subtract the amount of income from the federal Form 1041 Schedule K-1 that you

Line 1 –

included in your Arizona gross income. If you are an individual, make this subtraction on

your Arizona Form 140, line C27.

Enter the total distributable income of the estate or trust from Arizona Form 141, line 11d.

Part-Year Resident Beneficiary

Line 2 –

If you are a part-year resident individual report estate or trust income received while you

Enter the percentage of the beneficiary's interest.

were an Arizona resident. Also report estate or trust income received from Arizona sources

while you were a nonresident. Report this income on Arizona Form 140PY, line B14

Line 3 –

(ARIZONA column). The amount that you should report on your Arizona Form 140PY on

line B14 (FEDERAL column) is the amount from your federal income tax return.

Multiply line 1 by the percentage on line 2. This is the beneficiary's share of the income

from the estate or trust.

Instructions to Beneficiary

The fiduciary uses Form 141 Schedule K-1 to report to you your share of the income from

Form 141 K-1 - Resident Or Part-Year Resident Beneficiary'S Share Of Income - Instructions