Get Form 1041 K 1 Codes

Schedule K-1 is a tax document that you might receive if you are the beneficiary of a trust or estate. This document reports a beneficiary's share of income, deductions and credits from the trust or estate.

Line 14 Z - Other Information - Amounts reported in Box 14, Code Z represent a taxpayer's portion of other items of information not found elsewhere on the Schedule K-1 (Form 1041) Beneficiary's Share of Income, Deductions, Credits, etc.

Line 14 A - Tax-Exempt Interest - Amounts reported in Box 14, Code A represents the taxpayer's share of tax-exempt interest. This amount will automatically pull to Form 1040, line 2b.

additional tax on income you received from a nonqualified deferred compensation plan that fails to meet certain requirements. This income should be shown in Box 12 of Form W-2 with Code Z, or in Box 15b of Form 1099-MISC.

On the Partnership Schedule K-1 (1065), Box 20, Code Z is designated for "Other Information". The TaxAct® program has entry fields for the following items that may have been reported to you in Box 20, Code Z. If you have other information reported to you in this box, please see the information below.

The code Z for box 14 is "Other information" with an explanation on the K-1 page 2 "See the beneficiary's instructions". "Code Z. Other information. If this code is used, the fiduciary will provide you with any additional information you may need to file your return that isn't shown elsewhere on this Schedule K-1."

X = Occupational tax (civilian) Y = Pretax Flexible Spending Accounts. Z = Retirement Deductions (for Civilian Employees who are residents of the state of Massachusetts) Within your account, enter the Box 14 information under 'Other (Not Listed Here)' if none of the other descriptions apply.

Code H. Net investment income tax. This amount is the beneficiary's adjustment for section 1411 net investment income or deductions. Enter this amount on line 7 of Form 8960, as applicable.