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K-1 - Estates and Trusts

An estate or trust required to file Form 1041 might pass certain items of income and deductions to its beneficiaries. So, if you're a beneficiary, you must pay tax on your share of income. However, you can also claim credits and deductions on that income.

The estate or trust will send you a Schedule K-1 showing what you must report on your return. The K-1 can include:

  • Investment income, like interest, dividends, and capital gains
  • Passive income, like rental income
  • Deductions to reduce your taxable income
  • Credits to reduce your tax

How you report the income depends upon the type of income you're reporting.

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So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.

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