Instructions For Schedule K-1 (Form 1041) For A Beneficiary Filing Form 1040 - 2017


Department of the Treasury
Internal Revenue Service
Instructions for Schedule K-1
(Form 1041) for a Beneficiary
Filing Form 1040
Note. The fiduciary’s instructions for completing Schedule K-1 are in the
Instructions for Form 1041.
Specific Instructions
your tax return, unless backup withholding
Section references are to the Internal Revenue
Code unless otherwise noted.
was reported in box 13, code B.
Part I—Information About the
Future Developments
Inconsistent Treatment of Items
Estate or Trust
Generally, you must report items shown
For the latest information about
Item E
on your Schedule K-1 (including attached
developments related to Schedule K-1
schedules) the same way that the estate
(Form 1041) and its instructions, such as
If the Item E box is checked, this is the
or trust treated the items on its return.
legislation enacted after they were
final year of the estate or trust.
published, go to
If the treatment of an item on your
Note. If the “Final K-1” box at the top of
What’s New
original or amended return is inconsistent
Schedule K-1 is checked, this is the final
with the estate’s or trust’s treatment (or if
return for the beneficiary.
Employee retention credit. Disaster
the estate or trust was required to but
Part III—Beneficiary’s Share of
relief enacted for those impacted by
hasn't filed a return), you must file Form
Hurricane Harvey, Irma, or Maria includes
8082, Notice of Inconsistent Treatment or
Current Year Income,
a provision for the employee retention
Administrative Adjustment Request
Deductions, Credits, and Other
credit, a portion of which may be allocated
(AAR), with your original or amended
to the beneficiary of an estate or trust. See
return to identify and explain any
Code Z. Other credits, later, for
inconsistency (or to note that an estate or
The amounts shown in boxes 1 through 14
trust return hasn't been filed).
information about the beneficiary’s share
reflect your share of income, loss,
of the credit. For more information about
deductions, credits, etc., from an estate or
If you are required to file Form 8082 but
disaster relief, see Pub. 976, Disaster
trust. For Form 1040 filers, page 2 of
fail to do so, you may be subject to the
Schedule K-1 provides summarized
accuracy-related penalty. This penalty is
reporting information. The summarized
in addition to any tax that results from
reporting information reflects references to
making your amount or treatment of the
forms in use for calendar year 2017.
Beneficiary's identification number.
item consistent with that shown on the
For your protection, Schedule K-1 may
estate’s or trust’s return. Any deficiency
Note. If you are not an individual, report
show only the last four digits of your
that results from making the amounts
the amounts in each box as instructed on
identifying number (social security number
consistent may be assessed immediately.
your tax return.
(SSN), etc.). However, the estate or trust
Codes. In box 9 and boxes 11 through
has reported your complete identifying
14, the fiduciary will identify each item by
number to the IRS.
If you believe the fiduciary has made an
entering a code in the column to the left of
error on your Schedule K-1, notify the
Net investment income tax. This tax
the dollar amount entry space. These
fiduciary and ask for an amended or a
applies to certain investment income of
codes are identified on page 2 of
corrected Schedule K-1. Don’t change any
individuals, estates, and trusts. Use Form
Schedule K-1.
items on your copy. Be sure that the
8960, Net Investment Income
fiduciary sends a copy of the amended
Attached statements. The fiduciary will
Tax—Individuals, Estates, and Trusts, and
Schedule K-1 to the IRS. If you are unable
enter an asterisk (*) after the code, if any,
its instructions to figure your net
to reach an agreement with the fiduciary
in the column to the left of the dollar
investment income tax.
regarding the inconsistency, you must file
amount entry space for each item for
Backup withholding. If Schedule K-1
Form 8082.
which it has attached a statement
shows backup withholding in box 13, code
providing additional information. For those
Beneficiaries of
B, attach a copy to your return.
informational items that cannot be
Generation-Skipping Trusts
reported as a single dollar amount, the
estate or trust will enter an asterisk in the
If you received Form 706-GS(D-1),
General Instructions
left column and write “STMT” in the dollar
Notification of Distribution From a
amount entry space to indicate the
Generation-Skipping Trust, and paid a
Purpose of Form
information is provided on an attached
generation-skipping transfer (GST) tax on
Use Schedule K-1 to report a beneficiary's
Form 706-GS(D), Generation-Skipping
share of the estate’s or trust’s income,
Transfer Tax Return for Distributions, you
credits, deductions, etc. on your Form
can deduct the GST tax paid on income
Box 1—Interest
1040, U.S. Individual Income Tax Return.
distributions on Schedule A (Form 1040),
Keep it for your records. Don’t file it with
This box reports the beneficiary’s share of
line 8. To figure the deduction, see the
the taxable interest income. This amount
Instructions for Form 706-GS(D).
Dec 12, 2017
Cat. No. 11374Z


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