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Form K-1 (1041) - Purpose of Form

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Form K-1 (1041) - Purpose of Form


Purpose of Form

The fiduciary of a domestic decedent’s estate, trust, or bankruptcy estate uses Form 1041 to report:

-The income, deductions, gains, losses, etc. of the estate or trust;

-The income that is either accumulated or held for future distribution or distributed currently to the beneficiaries;

-Any income tax liability of the estate or trust;

-Employment taxes on wages paid to household employees;  and

-Net Investment Income Tax.  See Schedule G, Part I, line 5, and the instructions for Form 8960

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Views: 2855 Created on: Jun 15, 2013
Date updated: Nov 30, 2021
Posted in: Income

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