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K1s for beneficiaries

Once a trust is filed and the trust paid the taxes (both federal and state) and the K1s for the beneficiaries show zero amounts, do the beneficiaries need to wait to file their personal tax return 

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gduron
Employee
Employee

I don't see a reason why they should wait I have looked over the instructions regarding this I was able to pull this information. 

"Use Schedule K-1 to report a beneficiary's share of the estate’s or trust’s income, credits, deductions, etc. on your Form 1040 or 1040-SR. Keep it for your records. Don’t file it with your tax return, unless backup withholding was reported in box 13, code B."

https://www.irs.gov/instructions/i1041sk1

Hopefully this helps!!

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gduron
Employee
Employee

I don't see a reason why they should wait I have looked over the instructions regarding this I was able to pull this information. 

"Use Schedule K-1 to report a beneficiary's share of the estate’s or trust’s income, credits, deductions, etc. on your Form 1040 or 1040-SR. Keep it for your records. Don’t file it with your tax return, unless backup withholding was reported in box 13, code B."

https://www.irs.gov/instructions/i1041sk1

Hopefully this helps!!

View solution in original post

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