K-1 tax form deadline for an estate or trustĪ K-1 form is typically received later than when you receive Forms W-2 or 1099. For example, this would be the case if you were a partner in in a partnership and you received income as the beneficiary of an estate.

It’s possible to get multiple versions of the Schedule K-1 in the same tax year – the K-1 (1065), the K-1 (1120-S) and K-1 (1041). Schedule K-1 (1120S): This form is used to report pass-through income to S corporation shareholders in a business on Form 1120-S.Schedule K-1 (Form 1065): This is used to report pass-through income to shareholders or partners in a business on Form 1065.Keep in mind, there are other types of K-1s. How you report the income depends upon the type of income you’re reporting. Investment income, like interest, dividends, and capital gains.Deductions to reduce your taxable income.The estate or trust will send you a Schedule K-1 showing what you must report on your return. While we may have answered the question, “what is a K-1?” let’s elaborate further. Income received from the trust or estate and deductions and credits is reported to beneficiaries on a K-1. An estate or trust that generates income of $600 or more and estates with nonresident alien beneficiaries must file a Form 1041. If beneficiaries receive the income established from a trust or estate, they must pay income tax on it. Read on to learn more about the K-1 form, including its definition and K-1 instructions. So, if you’re a beneficiary, you must pay tax on your share of income – and you can also claim credits and deductions on that income.

An estate or trust required to file Form 1041 (United States Income Tax Return for Estates and Trusts) might pass certain items of income and deductions to its beneficiaries through IRS Schedule K-1.

K1 form sample