Form K-1 (1041) - Purpose of Form

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Form K-1 (1041) - Purpose of Form
Article ID: 33787

Question

Form K-1 (1041) - Purpose of Form

Answer

Purpose of Form

Use Schedule K-1 to report your share of the estate's or trust's income, credits, deductions, etc. Keep it for your records. Do not file it with your tax return. A copy has been filed with the IRS.

Inconsistent Treatment of Items:

Generally, you must report items shown on your Schedule K-1 (and any attached schedules) the same way that the estate or trust treated the items on its return.

If the treatment on your original or amended return is inconsistent with the estates or trusts treatment, or if the estate or trust was required to but has not filed a return, you must file Form 8082, Notice of Inconsistent Treatment or Administrative Adjustment Request (AAR), with your original or amended return to identify and explain any inconsistency (or to note that an estate or trust return has not been filed).

If you are required to file Form 8082 but fail to do so, you may be subject to the accuracy-related penalty. This penalty is in addition to any tax that results from making your amount or treatment of the item consistent with that shown on the estates or trusts return. Any deficiency that results from making the amounts consistent may be assessed immediately.

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Article Details

Views: 1670	Created on: Jun 15, 2013 Date updated: Sep 14, 2015
Posted in: GENERAL QUESTIONS, Schedule E - Rental, Real Estate, and Royalty Income

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