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Keep it for recordkeeping and follow the listed instructions for reporting.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"What should a beneficiary do if the estate’s or trust’s treatment is inconsistent with the beneficiary’s original or amended return?",{"text":68,"@type":64},"File Form 8082, Notice of Inconsistent Treatment or Administrative Adjustment Request (AAR), with the original or amended return to identify and explain inconsistencies. This may also address situations where a required return was not filed.",{"name":70,"@type":61,"acceptedAnswer":71},"How are identification numbers, net investment income tax, and backup withholding handled on Schedule K-1?",{"text":72,"@type":64},"Schedule K-1 may show only the last four digits of identification numbers for protection, while the fiduciary reports full numbers to the IRS. Net investment income tax generally applies to certain investment income, and backup withholding in box 13 (code B) requires attaching a copy to the return.","https://schema.org",{"og:url":32,"og:type":75,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":77,"canonical":32},"index,follow",{"doc_id":79,"site_id":7},308453,1790211270,{"code":4,"msg":82,"data":83},"success",[84,89,93,98,103,108,112,117,122],{"id":85,"doc_module":22,"doc_module_name":25,"category_name":86,"show_sort_weight":87,"slug":88},11,"Presentations",90,"presentations",{"id":55,"doc_module":22,"doc_module_name":25,"category_name":90,"show_sort_weight":91,"slug":92},"Resumes",80,"resumes",{"id":94,"doc_module":22,"doc_module_name":25,"category_name":95,"show_sort_weight":96,"slug":97},14,"Invoices",70,"invoices",{"id":99,"doc_module":22,"doc_module_name":25,"category_name":100,"show_sort_weight":101,"slug":102},15,"Posters",60,"posters",{"id":104,"doc_module":22,"doc_module_name":25,"category_name":105,"show_sort_weight":106,"slug":107},16,"Social 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credit.Disasterrelief enacted for those impacted byHurricane Harvey,Irma,or Maria includesa provision for the employee retentioncredit,a portion of which may be allocatedto the beneficiary of an estate or trust.SeeCode Z.Other credits,later,forinformation about the beneficiary's shareof the credit.For more information aboutdisaster relief,see Pub.976,DisasterRelief.  \n# Reminders\n\nBeneficiary's identification number.For your protection,Schedule K-1 mayshow only the last four digits of youridentifying number(social security number(SSN),etc.).However,the estate or trusthas reported your complete identifyingnumber to the IRS.  \nNet investment income tax.This taxapplies to certain investment income ofindividuals,estates,and trusts.Use Form8960,Net Investment Income  \nTax—Individuals,Estates,and Trusts,andits instructions to figure your netinvestment income tax.  \nBackup withholding.If Schedule K-1shows backup withholding in box 13,code  \nB,attach a copy to your return.  \n# General Instructions\n\nPurpose of Form  \nUse Schedule K-1 to report a beneficiary'sshare of the estate's or trust's income,credits,deductions,etc.on your Form1040,U.S.Individual Income Tax Return.Keep it for your records.Don't file it with  \nDec 12,2017  \n## Instructions for Schedule K-1(Form 1041)for a BeneficiaryFiling Form 1040\n\nNote.The fiduciary's instructions for completing Schedule K-1 are in theInstructions for Form 1041.                                     \nSection references are to the Internal RevenueCode unless otherwise noted.  \nyour tax return,unless backup withholdingwas reported in box 13,code B.  \n# Specific Instructions\n\n## Partl—Information About theEstate or Trust\n\nInconsistent Treatment of Items  \n# Future Developments\n\nGenerally,you must report items shownon your Schedule K-1(including attachedschedules)the same way that the estateor trust treated the items on its return.  \nItem E  \nIf the Item E box is checked,this is thefinal year of the estate or trust.  \nIf the treatment of an item on youroriginal or amended return is inconsistentwith the estate's or trust's treatment (or ifthe estate or trust was required to buthasn't filed a return),you must file Form8082,Notice of Inconsistent Treatment orAdministrative Adjustment Request(AAR),with your original or amendedreturn to identify and explain anyinconsistency(or to note that an estate ortrust return hasn't been filed).  \nNote.If the \"Final K-1\"box at the top ofSchedule K-1 is checked,this is the finalreturn for the beneficiary.  \n## Part II—Beneficiary's Share ofCurrent Year Income,\n\nDeductions,Credits,and OtherItems  \nThe amounts shown in boxes 1 through 14reflect your share of income,loss,deductions,credits,etc.,from an estate ortrust.For Form 1040 filers,page 2 ofSchedule K-1 provides summarizedreporting information.The summarizedreporting information reflects references toforms in use for calendar year 2017.  \nIf you are required to file Form 8082 butfail to do so,you may be subject to theaccuracy-related penalty.This penalty isin addition to any tax that results frommaking your amount or treatment of theitem consistent with that shown on theestate's or trust's return.Any deficiencythat results from making the amountsconsistent may be assessed immediately.  \nNote.If you are not an individual,reportthe amounts in each box as instructed onyour tax return.  \nCodes.In box 9 and boxes 11 through  \n## Errors\n\n14,the fiduciary willidentify each item byentering a code in the column to the left ofthe dollar amount entry space.Thesecodes are identified on page 2 ofSchedule K-1.  \nIf you believe the fiduciary has made anerror on your Schedule K-1,notify thefiduciary and ask for an amended or acorrected Schedule K-1.Don't change anyitems on your copy.Be sure that thefiduciary sends a copy of ","cbCaihmJmIpj3oLS","https://ap.wps.com/l/cbCaihmJmIpj3oLS","pdf",1441249,"English","# What's New\n# Reminders\n# General Instructions\n## Purpose of Form\n# Specific Instructions\n## Part I—Information About the Estate or Trust\n## Part II—Beneficiary's Share of Current Year Income, Deductions, Credits, and Other Items\n# Errors\n# Future Developments","[{\"question\":\"What is Schedule K-1 (Form 1041) used for when filing Form 1040?\",\"answer\":\"Schedule K-1 reports a beneficiary’s share of an estate’s or trust’s income, credits, deductions, and other items on Form 1040. Keep it for recordkeeping and follow the listed instructions for reporting.\"},{\"question\":\"What should a beneficiary do if the estate’s or trust’s treatment is inconsistent with the beneficiary’s original or amended return?\",\"answer\":\"File Form 8082, Notice of Inconsistent Treatment or Administrative Adjustment Request (AAR), with the original or amended return to identify and explain inconsistencies. This may also address situations where a required return was not filed.\"},{\"question\":\"How are identification numbers, net investment income tax, and backup withholding handled on Schedule K-1?\",\"answer\":\"Schedule K-1 may show only the last four digits of identification numbers for protection, while the fiduciary reports full numbers to the IRS. Net investment income tax generally applies to certain investment income, and backup withholding in box 13 (code B) requires attaching a copy to the return.\"}]","Form 1041 Schedule K-1 Instructions for a Beneficiary Filing Form 1040 | PDF",1789869097]