![]() ![]() Trusts and estates report their income and deductions on Form 1041 as well as the income distributed to beneficiaries of the trust or estate. An estate needs to file a tax return if it has a gross income of $600 or there is a nonresident alien beneficiary. When to file K-1sĪ trust needs to file a tax return if it has a gross income of $600 or more during the trust tax year or there is a nonresident alien beneficiary or if there is any taxable income. You use this information to complete your tax return much in the way that you use a Form W-2 to report your wages from a job. ![]() This document reports a beneficiary's share of income, deductions and credits from the trust or estate. Schedule K-1 is a tax document that you might receive if you are the beneficiary of a trust or estate. ![]()
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