Schedule K-1 (Form 41 Only): Fiduciary Income Tax Beneficiary Information (2024)
Alabama · Alabama DOR · Used for tax years 2024
Alabama Schedule K-1 (Form 41) reports a beneficiary’s share of an estate’s or trust’s current-year Alabama income, deductions, credits, and other items. It also identifies the beneficiary, estate or trust, and fiduciary.
What you'll need
The form asks for the following information:
- Beneficiary details: identifying number, name, address, entity type, Alabama resident or nonresident status, and percentage of allocated income.
- Estate or trust details: employer identification number, name, address, and fiduciary’s name.
- Tax period: beginning and ending dates.
- Tax amounts: the beneficiary’s share of current-year Alabama income, deductions, and other items, including any credits from Schedule FC.
The form also includes a line for ordinary gain or loss from Form 4797. It does not provide a list of required supporting documents.
Questions people ask
What does Alabama Schedule K-1 (Form 41) report?
It reports a beneficiary’s share of current-year Alabama income, deductions, and other items from an estate or trust.
What income categories appear on the form?
The form includes interest, dividends, capital gains or losses, business income or losses, rent, royalties, partnerships and S corporations, estates and trusts, farm income or losses, ordinary gains or losses from Form 4797, other income, and Alabama exempt income.
How does the form distinguish Alabama and non-Alabama income?
It has columns labeled Alabama Distributable Income, Nonresident Non-Alabama Source Income, and Reportable Alabama Income. It also asks whether the beneficiary is an Alabama resident or a nonresident.
What deductions and credits are listed?
The form lists depreciation, depletion, amortization, the Composite/Electing Pass-Through Credit, and credits from Schedule FC.
Can the schedule be marked as final or amended?
Yes. The form has separate checkboxes for “Final K-1” and “Amended K-1.”