Form K-1 (1041) - Purpose of Form
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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