Estimated Payments from K-1

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 Schedule K-1 (Form 1041).

If Form 1041 was prepared in Tax Processors Plus Desktop, the estimated payments entry will pull automatically when the K-1 is pulled into the individual return. If the 1041 was not prepared in Tax Processors Plus Desktop, the entry can be made directly on the individual's K-1. 

To enter Schedule K-1 from and estate or trust into the individual return in Tax Processors Plus Desktop, from the Main Menu of the tax return (Form 1040) select:

• Income
• Rents, Royalties, Entities (Schedule E, K-1, 4835, 8582)
• K-1 Input - If you're not pulling from the business program, create the Schedule K-1 entry, then enter all the information reported on the K-1 including the credit for estimated taxes in Box 13A.

Additional Information:

Form 1041-T - Allocation of Estimated Tax Payments to Beneficiaries