Form 1041 (Schedule K-1) Minnesota 2024-2025

Form 1041 (Schedule K-1) Minnesota: What You Should Know

Use of a Schedule. (Form 1041) Schedule K-1, in many places, is the “one source” form. However, some situations call for a second source. Some beneficiaries are subject to more than one income tax rate. For example, certain survivors are also married. Other beneficiaries might be subject to more than one income tax rate. For more information, see Publication 502, Estate and Gift Taxes and Publication 505, Estate and Gifts in the Treasury Publication Catalog. Schedule K-1, Form 1041, must be completed, signed, and dated by the named beneficiary. All information needed for this purpose must be entered on Schedule K-1. Each Schedule K-1 entry is also made part of Schedule J — Beneficiary Statements, where it will not be changed. All Schedule K-1 information is required even if a Schedule A, B, C, G, J, and K-1 have been prepared. If a Form 5500 or equivalent is to be used to prepare a Schedule K-1, the information listed in the Form 5500 needs to be included. The beneficiary may provide more than one Form 1041 for different beneficiaries. The same Form 1041 should be used for all beneficiary-listed information in the “other information” section. Schedule K-1 (Form 1041) does not have requirements for the filing of Form 1040.

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