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Is a Schedule K-1 from a trust required to file taxes?
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Is a Schedule K-1 from a trust required to file taxes?
You must provide Schedule K-1 (Form 1041), on or before the day you are required to file Form 1041, to each beneficiary who receives a distribution of property or an allocation of an item of the estate.
See https://www.irs.gov/instructions/i1041/ch01.html#d0e1581
I suspect the beneficiaries may be confusing the requirements for providing other tax reporting documents, such as W-2s, with Schedules K-1.
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Is a Schedule K-1 from a trust required to file taxes?
You must provide Schedule K-1 (Form 1041), on or before the day you are required to file Form 1041, to each beneficiary who receives a distribution of property or an allocation of an item of the estate.
See https://www.irs.gov/instructions/i1041/ch01.html#d0e1581
I suspect the beneficiaries may be confusing the requirements for providing other tax reporting documents, such as W-2s, with Schedules K-1.
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Is a Schedule K-1 from a trust required to file taxes?
The link should also be sufficient to show the beneficiaries that the due date is in April and not January.
This assumes the tax year is a calendar year.
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Is a Schedule K-1 from a trust required to file taxes?
And the beneficiaries WILL need the K-1 to complete their taxes.
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