---
title: "Schedule K-1 (Form 1041) – Purpose"
description: "IRS [Schedule K-1 (Form 1041)](https://www.irs.gov/pub/irs-pdf/f1041sk1.pdf) *Beneficiary’s Share of Income, Deductions, Credits, etc.* is used to report a beneficiary's share of income, deductions, and credits from a trust or estate. The fiduciary must file Schedule K-1 with the IRS for each…"
url: "https://support.taxact.com/support/21754/schedule-k-1-form-1041-purpose"
updated: "2026-10-06"
category: Businesses / Estate and Trust (1041)
tags:
  - 1040
  - 1041
  - 1065
  - 1120
  - 1120s
  - beneficiary
  - "desk-top"
  - desktop
  - estate
  - fiduciary
  - help
  - "k-1"
  - k1
  - online
  - prep
  - schedule,
  - trust
---

# Schedule K-1 (Form 1041) – Purpose

IRS [Schedule K-1 (Form 1041)](https://www.irs.gov/pub/irs-pdf/f1041sk1.pdf) *Beneficiary’s Share of Income, Deductions, Credits, etc.* is used to report a beneficiary's share of income, deductions, and credits from a trust or estate.

The fiduciary must file Schedule K-1 with the IRS for each beneficiary and provide each beneficiary with a copy.

Don’t file Schedule K-1 with your individual taxes unless there is backup withholding reported in Box 13, Code B. Keep Schedule K-1 with your tax records.

Some information from Schedule K-1 may need to be reported on other forms or schedules. In TaxAct, that information will automatically flow from Schedule K-1 to the appropriate lines. For help, go to [Schedule K-1 - Entering](https://support.taxact.com/support/650/schedule-k-1-entering).

To print Schedule K-1 in your TaxAct Fiduciary (1041) return:

1. From within your TaxAct return ([Online](http://www.taxact.com) or Desktop), click **Federal**. On smaller devices, click  in the upper left-hand corner, then click **Federal**.
2. Click **Miscellaneous Topics** in the Federal Quick Q&A Topics menu to expand, then click **Print Schedules K-1**.
3. Check **Print Schedule K-1 copies with the estate's return**, then click **Continue**.

*Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.*