Schedule K-1 (Form Beneficiary's Share of Income, Deductions, Credits, etc.

661117

2021

Schedule K-1
(Form 1041)
Department of the Treasury
Internal Revenue Service
beginning

For calendar year 2021, or tax year

/

/

ending

/

/

Beneficiary’s Share of Income, Deductions,
Credits, etc.
▶ See back of form and instructions.
Part I
A

Information About the Estate or Trust

Final K-1

Part III

Amended K-1

OMB No. 1545-0092

Beneficiary’s Share of Current Year Income,
Deductions, Credits, and Other Items

1

Interest income

2a

Ordinary dividends

2b

Qualified dividends

3

Net short-term capital gain

4a

Net long-term capital gain

4b

28% rate gain

4c

Unrecaptured section 1250 gain

5

Other portfolio and
nonbusiness income

6

Ordinary business income

7

Net rental real estate income

8

Other rental income

9

Directly apportioned deductions

11

Final year deductions

12

Alternative minimum tax adjustment

13

Credits and credit recapture

14

Other information

Estate’s or trust’s employer identification number

B

Estate’s or trust’s name

C

Fiduciary’s name, address, city, state, and ZIP code

D

E

Check if Form 1041-T was filed and enter the date it was filed

Check if this is the final Form 1041 for the estate or trust

Part II

Information About the Beneficiary

F

Beneficiary’s identifying number

G

Beneficiary’s name, address, city, state, and ZIP code

10

Estate tax deduction

H

Domestic beneficiary

Foreign beneficiary

For Paperwork Reduction Act Notice, see the Instructions for Form 1041.

For IRS Use Only

*See attached statement for additional information.
Note: A statement must be attached showing the
beneficiary’s share of income and directly apportioned
deductions from each business, rental real estate, and
other rental activity.

www.irs.gov/Form1041

Cat. No. 11380D

Schedule K-1 (Form 1041) 2021

Page 2

Schedule K-1 (Form 1041) 2021

This list identifies the codes used on Schedule K-1 for beneficiaries and provides summarized reporting information for
beneficiaries who file Form 1040 or 1040-SR. For detailed reporting and filing information, see the Instructions for Schedule
K-1 (Form 1041) for a Beneficiary Filing Form 1040 or 1040-SR and the instructions for your income tax return.
Report on
13. Credits and credit recapture

}

1. Interest income

Form 1040 or 1040-SR, line 2b

2a. Ordinary dividends

Form 1040 or 1040-SR, line 3b

Code

2b. Qualified dividends

Form 1040 or 1040-SR, line 3a

A Credit for estimated taxes

3. Net short-term capital gain

Schedule D, line 5

B Credit for backup withholding

4a. Net long-term capital gain

Schedule D, line 12

C Low-income housing credit

4b. 28% rate gain

28% Rate Gain Worksheet, line 4
(Schedule D Instructions)

D Rehabilitation credit and energy credit

4c. Unrecaptured section 1250 gain

Unrecaptured Section 1250 Gain
Worksheet, line 11 (Schedule D
Instructions)

F Work opportunity credit

5. Other portfolio and nonbusiness
income

Schedule E, line 33, column (f)

H Biofuel producer credit

6. Ordinary business income

Schedule E, line 33, column (d)
or (f)

J Renewable electricity, refined coal,
and Indian coal production credit

7. Net rental real estate income

Schedule E, line 33, column (d)
or (f)

K Empowerment zone employment credit

Schedule E, line 33, column (d)
or (f)

M Orphan drug credit

E Other qualifying investment credit
G Credit for small employer health
insurance premiums

I Credit for increasing research activities

8. Other rental income
9. Directly apportioned deductions
Code

L Indian employment credit
N Credit for employer-provided child
care and facilities
O Biodiesel and renewable diesel fuels
credit

A Depreciation

Form 8582 or Schedule E, line
33, column (c) or (e)

B Depletion

Form 8582 or Schedule E, line
33, column (c) or (e)

Q Credit for employer differential wage
payments

C Amortization

Form 8582 or Schedule E, line
33, column (c) or (e)

R Recapture of credits

10. Estate tax deduction

Schedule A, line 16

11. Final year deductions
A Excess deductions – Section 67(e)
expenses

See the beneficiary’s instructions

P Credit to holders of tax credit bonds

Z Other credits
14. Other information

Form 1040 or 1040-SR, line 2a
Schedule 3 (Form 1040), line 1 or
Sch. A, line 6

C Short-term capital loss carryover

F Net operating loss carryover —
minimum tax

}

12. Alternative minimum tax (AMT) items
A Adjustment for minimum tax purposes
B AMT adjustment attributable to
qualified dividends
C AMT adjustment attributable to
net short-term capital gain
D AMT adjustment attributable to
net long-term capital gain
E AMT adjustment attributable to
unrecaptured section 1250 gain
F AMT adjustment attributable to
28% rate gain
G Accelerated depreciation
H Depletion
I Amortization
J Exclusion items

See the beneficiary’s instructions

B Foreign taxes
C Reserved for future use

E Net operating loss carryover —
regular tax

Form 1040 or 1040-SR, line 25c

A Tax-exempt interest

B Excess deductions – Non–miscellaneous See the beneficiary’s instructions
itemized deductions

D Long-term capital loss carryover

Report on
Form 1040 or 1040-SR, line 26

Schedule D, line 5

D Reserved for future use

Schedule D, line 12; line 5 of the
wksht. for Sch. D, line 18; and line 16
of the wksht. for Sch. D, line 19
Schedule 1 (Form 1040), line 8a

E Net investment income

Form 4952, line 4a

F Gross farm and fishing income

Schedule E, line 42

G Foreign trading gross receipts
(IRC 942(a))

See the Instructions for
Form 8873

Form 6251, line 2f

H Adjustment for section 1411 net
investment income or deductions

Form 8960, line 7 (also see the
beneficiary’s instructions)

Form 6251, line 2j

I Section 199A information

See the beneficiary’s instructions

Z Other information

See the beneficiary’s instructions

Note: If you are a beneficiary who does not file a Form 1040 or 1040-SR,
see instructions for the type of income tax return you are filing.

See the beneficiary’s
instructions and the
Instructions for Form 6251

2022 Form 8801