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

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

Enter the income of the partnership. Enter the amount of interest received. Enter the income or partnership capital of a beneficiary. Enter the amount by which the beneficiary's share exceeds the beneficiary's share of the partnership's share of the income. For other mayor categories, enter the total amount of the payment in boxes 2 through 7. If there are separate partnership returns (Box 8), then enter the income received by each. Enter the amount to be filed in box 17 under the itemized deductions (Form 1040). If the partnership does not use the pass-through system (Box 17), enter the amount to be filed in box 13. Use Schedule K-1 to enter nonbusiness income. Use the Statement to enter the information in Box 18. Enter income reported and interest received. Use Schedule K-1 when there is interest income that is also reported by a partnership on Form 1040, Schedule K-1. Use Schedule K-1 to report items reported on Form 1040, including partnership credit interest and interest from a partnership that is a pass-through business (Form 1042) or a partnership that is a corporation (Form 1043). You must use the same information in box 17 to make this report. The partnership credit interest in box 17 is the amount of interest reported by the partnership for Schedule K-1. Use Schedule K-1 if your partner receives an interest expense of more than 5,000 in a year. Enter the total amount of interest reported for each partner. For partnerships that are not pass-through businesses that file Form 1042: Enter Box 17 and the amount to be filed in Box 13, then enter the amount to be entered on box 18, in box 17. For partnership tax return: If there is interest income reported by a partner, go to page two to report the partnership income on the line labeled “Other Income from Partners.” If box 18 is blank, enter “None” instead of using page two of the Partnership Tax Return. Use Schedule K-1 if more than one other partnership received more than 500, except in the case where the total of other partnerships' share of the income is a multiple of 500. In the case of a partnership that is a pass-through business, enter on the line labeled “Other Income from Partners” any interest income from the partnership that was not earned from the operation of that business.

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