IRS Schedule K-1 (Form 1041) is used to report a beneficiary's share of income, deductions, and credits from a trust or estate.

The fiduciary must file Schedule K-1 with the IRS for each beneficiary and provide each beneficiary with a copy.

Don’t file Schedule K-1 with your individual taxes unless there is backup withholding reported in Box 13, Code B. Keep Schedule K-1 with your tax records.

Some information from Schedule K-1 may need to be reported on other forms or schedules. In TaxAct, that information will automatically flow from Schedule K-1 to the appropriate lines. For help, go to Entering Schedule K-1.

How to print the Schedule K-1 in TaxAct:

1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal.
2. Click Miscellaneous Topics in the Federal Quick Q&A Topics menu to expand the category
3. Click Print Schedules K-1
4. Check the box Print Schedule K-1 copies with the estate or trust's return