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

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

This form is available at the following public libraries, and in all the public libraries of the District of Columbia. Library branch address: • Grand Rapids Public Library, 200 Monroe Ave NW • Washington Square Library, 1629 North Capitol Ave S. • Grand Rapids Public Library, 400 N. Saginaw St • Grand Rapids Public Library, 1400 Main St. SW • Grand Rapids Public Library, 605 La peer Parkway SW. Instructions for Form GR-1041 The estate or trust must fill out the form on its own, without assistance from the tax professional (such as an attorney).  The estate or trust should sign the form if the information on the form is correct and if the estate or trust is the taxpayer. If a trust is using the Form GR-1041 instead of the Form 1040, the trust should include a copy of the Form 1041 at the place of trust in its filing and record keeping. Form GR-1041 is used to report income, credits, deductions, and the amount of income that will be included on the returns of the heirs. The estate or trust may be able to use the Form 1041 instead of the Form 1040 to claim a deduction. The estate or trust may be able to use the Form 1041 instead of the Form 1040 if one of the following circumstances applies: If the amount of income for which a decedent is eligible to claim a deduction is equal to or less than the threshold amount required to determine eligibility for the deduction, or, Note: If the heirs have 5,000 or less in basis in property, the estate or trust is normally not able to claim a deduction. The estate or trust may not be able to use Form 1041 if it does not have a copy of the return, and has filed its return with Form 1040, Form 1040A, or Form 1040NR. If the estate or trust receives from a trust or insurance company a Form 1041A, it is used instead of Form 1041. If the estate or trust receives a Form 1041NR, the trust or insurance company may deduct the interest paid or accrued on a line item on Form 1041NR or Form 1041NR-EZ.

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