Federal Tax

2020 Schedule K-1 Instructions

The IRS has released a draft of the 2020 Instructions for Schedule K-1 (Form 1041) for a Beneficiary Filing Form 1040 or 1040-SR. The schedule is used to notify beneficiaries of a trust or estate of the amounts of the trust’s or estate’s income to be included on the beneficiaries’ income tax returns. There have been some changes to the instructions from 2019 relating to excess deductions on terminations and to the qualified business income deduction. Click here to see the draft. Contact the Cg Team with questions. © 2020