I received a 2024 Schedule K-1 (Form 1041) for tax year ending in 2025. Now what?

[cduston]

I received a 2024 Schedule K-1 (Form 1041) Beneficiary's Share for tax year ending 5/31/2025 for a RVOC Trust. Do I need to file this? If so, how do I go about doing so (combined or separate, what TT version, year, etc.)?

[M-MTax]

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@cduston wrote:

Do I need to file this? 

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Yes, there is taxable income and gain you need to report on your return.

[M-MTax]

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@cduston wrote:

...how do I go about doing so (combined or separate, what TT version, year, etc.)?

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You would have to use a 2025 version of TurboTax.

You could use any desktop version of TurboTax since they all have the same forms. If you want to use an online version of TurboTax, you will need to use TurboTax Premium.

[cduston · Accepted solution]

In the TT2025 Desktop version, the Schedule K section comes far before the Schedule K-1 section. I was unaware of and confused by the difference. After posting my question, I went to the "Show Topics Tab" and found the K-1 questions under "Business Income and Expenses".  I suggest TT mention K-1 will be addressed later.