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CO online Form Instructions 1041 (Schedule K-1): What You Should Know
It is not issued by the IRS or a court. Form 1040 — Form 1041 — Summary. (Schedule K-1) — Overview — Taxpayer Pro Support What do I do with my Schedule K-1 Form 1041? A Schedule K-1 (Form 1041) is an important source document for the fiduciary and the trustee in preparing their return for the year. Fiduciary's Report to Trust or Estate as Form 1040 and a Form 1041 is filed Form 1040 provides fiduciary (trust or estate) with the information needed to prepare their tax return. The report of Form 1040 is due 30 days after the date the trust or estate made the report. The fiduciary must receive a copy of the report by the due date or the estate will receive its money back. As an executor or other agent representing a trust or estate you may report both the report of the trust or estate as Form 1040 and the report of the fiduciary as a Form 1041 (this report is called Fiduciary Report as Form 1042(a). See also this question and answer. Additional information. Under IRS regulations there are two types of Schedule K-1 — 1041 and 1040.
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