Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
CDA1
New Member

Is a Schedule K-1 from a trust required to file taxes?

I am the Executor to an estate with a trust.  The accountant has told me to notify the beneficiaries to wait until they receive the schedule K-1 so that this information can be provided to file their respective taxes.  Unfortunately, the beneficiaries are complaining that this is not true and that anything that is required to file their taxes is due by 31 Jan.  Any help here?
1 Best answer

Accepted Solutions
tagteam
Level 15

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.                    

View solution in original post

4 Replies
tagteam
Level 15

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.                    

View solution in original post

Rick19744
Level 11

Is a Schedule K-1 from a trust required to file taxes?

While the link provided by tagteam references a due date, the date has not been updated to reflect the 2016 filing season.  However, because due date is April 17th and this is Emancipation Day, the due date for the 2016 form is April 18, 2017.

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.
*A reminder that posts in a forum such as this do not constitute tax advice.*
TomD8
Level 15

Is a Schedule K-1 from a trust required to file taxes?

To add a bit of extra info, for calendar year estates and trusts, Form 1041 and Schedule(s) K-1 are due on or before April 18, 2017.  For fiscal year estates, the due date is the 15th day of the 4th month following the close of their tax year. For example, an estate that has a tax year that ends on June 30, 2017, must file Form 1041 by October 16, 2017. If the due date falls on a Saturday, Sunday, or legal holiday, the due date is the next business day.
And the beneficiaries WILL need the K-1 to complete their taxes.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.**

tagteam
Level 15

Is a Schedule K-1 from a trust required to file taxes?

To add even more info, the aforementioned due dates presume an extension has not been filed by the fiduciary, which would also extend the due date for providing K-1(s) to the beneficiary(ies).
Privacy Settings
v