Do I need to file a schedule K-1 (form 1041) as an estate beneficiary, or does the estate/trust file the 1041 and pay the taxes itself?

[tagteam · Accepted solution]

"...does the estate/trust file the 1041 and pay the taxes itself?"

The estate/trust (represented by the fiduciary) will always file the 1041, not the beneficiary(ies) but, depending upon the particular circumstances and documents, either the estate/trust will pay income taxes due or pass that responsibility onto the beneficiary(ies).

Regardless, as a beneficiary, you would enter information on your individual income tax return from a K-1 you received from an estate/trust; you would not generate the K-1 yourself.