Sch K-1 Form 1041& Sch K-1-T

Forum|Forum|3 years ago
February 22, 2023
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I received a schedule K-1 form 1041 and a schedule K-1-T for Illinois and all the boxes are blank.
Do I need to include these forms when I file my personal federal and state income taxes?

Not A Product Question

Anonymous_

Employee

There is nothing to input if there are no figures in any of the boxes.

Contact the trustee of the trust, or the executor/administrator of the estate, if you have any questions about the forms you received.

kit1961Author

I contacted the trustee. The reason there is no income in the boxes or anything to report on the schedule K-1 is because the 1041 return was only necessary to report taxable income for the trust itself. The trust had a 1099-R and had a taxable amount.

Is it possible to have a K-1 that is blank? I want to know if K-1s can be issued as blank when a 1041 is being done for this purpose. Thanks

Anonymous_

Employee

@kit1961 wrote:
Is it possible to have a K-1 that is blank?

Yes, and that would be because the trustee or executor/administrator wants to inform the beneficiaries that there is nothing to report as income or gain despite the fact that they have received a distribution (and may think there is tax due as a result).