Form 1041 (Schedule K-1)

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Form 1041 (Schedule K-1)

A form that one files with the IRS to report the income, credits, or deductions of an estate in which a beneficiary has a share. Schedule K-1 is filed along with Form 1041 and is used in calculating estate tax liability.
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This deduction is known as the income distribution deduction and is reported to the beneficiary on Form 1041 Schedule K-1. At first glance it appears that by not taking the deduction on the estate income tax return that the beneficiary could avoid picking up the tax on her personal income tax return.