On no account should you change any item on your copy.

In cases where you believe that the fiduciary has made an error on your scheduled tax form, you are expected to notify the fiduciary and request for an amended or corrected scheduled K-1 Tax form.

As a beneficiary, it is important to note that you must report items shown on your K-1 tax form the same way the estate or trust treated the items on its return.

Ensure you identify and follow the instructions for detailed information.

The form lists some codes used on the K-1 Tax form and provides summarized reporting information.

Step 7: Crosscheck your information again and ensure that they are accurate and correct.

There is a space to add other information in column 14, use it and add any other necessary information. Put your final year deductions on Column 11, alternative tax minimum tax adjustment on column 12, and credit and credit recapture on column 13. Fill in the directly apportioned deductions on column 9 and Estate tax deduction on column 10. Other portfolio and nonbusiness income, net rental real estate income, other rental income, should be written in columns 5,6,7, and 8. Write the net short capital gain on Column 3, the net long capital gain on column 4a, the 28% rate gain on column 4b, and the unrecaptured section 1250 gain. The ordinary dividend and qualified dividend are written in Columns 2a and 2b. In column 1, you are expected to write the interest income. Step 6: Complete Part III which is the Beneficiary share of current year income, deductions, credits, and other items. It could be either final K-1 or amended K-1. Step 5: Before starting Part III of the form, tick one of the checkboxes on top.

Sample of k1 form