Form 1041-T, Allocation of Estimated Tax Payments to Beneficiaries is primarily used by a trust to elect under section 643(g) to have any part of its estimated tax payments treated as if it were made by a beneficiary or beneficiaries. These payments are reported on line 13A of Form 1041 K-1. If the 1041 was prepared with TaxSlayer Pro, it will pull atomatically when the K-1 is pulled into the individual return. If the 1041 was not prepared in TaxSlayer Pro, the entry can be made directly on the individuals K-1.
To access the K-1 menu, from the Main Menu of the tax return (Form 1040) select:
- Income
- Rents, Royalties, Entities (Schedule E, K-1, 4835, 8582)
- K-1 Input
Additional Information:
Desktop: Form 1040 - Schedule K-1 Input
Form 1041-T - Allocation of Estimated Tax Payments to Beneficiaries