Article: 50057

If you received Schedule K-1 as a beneficiary of a trust or estate that filed Form 1041, you will need to report that information on your return (Form 1040). Schedule K-1 is used to report your share of the estate or trust’s income, credits, deductions, etc. from that trust or estate.

Entering Schedule K-1

To add Schedule K-1 from Form 1041, follow the steps below.

1. Click on the Review tab on the left of the screen in the Federal taxes section.
2. Click the link I’d like to see the forms I’ve filled out or search for a form.
3. Click on the Income tab.
4. Click on Schedule K-1 for 1041 to add and open the form.
   • Alternatively, search for Schedule K-1 in the search box and click Add Form beside Schedule K-1 for 1041.
5. Enter in your applicable information.
6. Click Save.

Code Not Available

If the code is not available on the entry screen, you will need to determine if the amount should be reported elsewhere, or if it is just an informational value that does not need to be entered on your return. See the Instructions for Schedule K-1 (Form 1041) for a Beneficiary Filing Form 1040 or 1040-SR for assistance.