Beneficiary’s Share of Income, Deductions & Credits

Last reviewed: 2025-10-24

Use the Form 1041sk: Beneficiary’s Share of Income, Deductions & Credits Tax Form Calculator Form 1041sk: Beneficiary’s Share of Income, Deductions & Credits as a stand alone tax form calculator to quickly calculate specific amounts for your 2026 1041sk state tax return. Alternatively, you can use one of our Combined Federal and State Tax Estimators to quickly calculate your salary, tax, and take-home pay.

This tool mirrors Schedule K-1 (Form 1041sk) so a beneficiary of an estate or trust can enter their share of current-year income, deductions and credits, and prepare their personal tax return accordingly.

Tip: Enter only whole dollars or cents; calculated fields (where applicable) will auto-compute and round to two decimals. Retain original copy provided by trustee for your records.

Beneficiary’s Share of Income, Deductions, Credits, etc.
Part I Information About the Estate or Trust
A	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	Check if Form 1041-T was filed and enter the date it was filed
E	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

H	Domestic beneficiary Foreign beneficiary
Part II Information About the Beneficiary
1	Interest income

2a	Ordinary dividends

2b	Qualified dividends

3	Net short-term capital gain

4a	Net long-term capital gain

4b	% 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

10	Estate tax deduction

11	Final year deductions

12	Alternative minimum tax adjustment

13	Credits and credit recapture

14	Other information

Reminder: Each Beneficiary must report amounts shown in boxes 1-14 consistent with how the estate or trust treated them. If the “Final K-1” box is checked, this may be the last year a return is required.

Last reviewed: 2025-10-24: If you believe this form requires an update, please contact us.

About Schedule K-1 (Form 1041sk)

Schedule K-1 is issued by an estate or trust to each beneficiary and reports their share of the entity’s income, deductions, credits and other items. The beneficiary uses this information to complete their personal tax return (Form 1040 or -SR). The fiduciary attaches all K-1s to the entity’s Form 1041. Retain your copy for your records and send to your tax preparer or software exactly as issued.

Frequently Asked Questions

How do I adjust prior payroll filings?

Amend with 941-X or 944-X as applicable.

What types of federal tax does this calculator focus on?

This calculator focuses on core federal income tax calculations based on your income, filing status and applicable rules, without relying on assumptions from other tools.

Can I jump to state-specific tax tools?

Browse state calculators from the popular calculators hub (state list included).

Can I itemize instead of the standard deduction?

Run Schedule A to compare itemizing vs standard.

What if I received a large gift or plan gifting?

See Form 709 for U.S. gift tax and reporting.

Important Notes

All calculations are estimates for guidance only. Always review your return and consider professional advice when submitting official filings.