Revised schedule K-1 for Form 1041 for trusts and estates.

• Author: Sherr, Eileen
• Position: News Notes

In IR-2006-11, the IRS announced the availability of a revised Form 1041 Schedule K-1, Beneficiary's Share of Income, Deductions, Credits, etc., for trusts and estates, for this year's filing season.

Income, deductions and credits from trusts and estates are reported to beneficiaries on Schedule K-1. The redesigned schedule is similar to partnership and S corporation Schedules K-l, which were changed last year. The new format features an improved layout similar to that of Form W-2, as well as streamlined instructions. It is also scannable, reducing the risk of transcription errors.

The IRS says that approximately 26 million Schedules K-1...