Schedule CT-1041 K-1: Beneficiary's Share of Certain Connecticut Items (2024)
Connecticut · Connecticut DRS · Used for tax years 2024
Schedule CT-1041 K-1 reports a beneficiary’s share of Connecticut fiduciary adjustments, Connecticut-sourced income and deductions, and tax credits from a trust or decedent’s estate. The fiduciary furnishes the schedule to the beneficiary, who uses the reported amounts to complet
Who files this form
A fiduciary must give Schedule CT-1041 K-1 to each beneficiary to report the beneficiary’s share of a trust or estate’s Connecticut fiduciary adjustment, income, and credits.
The schedule is not needed if the trust or estate has none of these items:
- Fiduciary adjustments.
- Connecticut-sourced income.
- Credits reportable on Schedule CT-IT Credit.
- Connecticut PE Tax Credits.
Grantor trusts do not use this schedule to report income, deductions, or credits of the grantor or another person treated as the owner.
When it's due
For tax year 2024, the fiduciary must give the schedule to beneficiaries by the fifteenth day of the fourth month after the taxable year closes. The instructions specify April 15 for a calendar-year trust or estate.
If the fiduciary timely files Form CT-1041 EXT to request an extension for Form CT-1041, the deadline for giving beneficiaries their schedules automatically extends to the thirtieth day of the ninth month after the taxable year closes. The instructions specify September 30 for a calendar-year trust or estate.
What you'll need
Have the following information and supporting forms available, as applicable:
- The trust or estate’s name and FEIN, plus the fiduciary’s name, title, and address.
- The beneficiary’s name, address, SSN or FEIN, residency status, and share and percentage of distributable net income.
- For a part-year resident, the date the beneficiary moved into or out of Connecticut.
- Schedule CT-1041B, Column 5, for the Connecticut fiduciary adjustment.
- Federal Schedule K-1 for a nonresident beneficiary’s Part 2 entries.
- Worksheet B for Schedule CT-IT Credit, for Part 3 entries.
- Schedule CT-1041FA, Part 2, Column 4, for the Connecticut PE Tax Credit.
Attach a statement for directly apportioned deductions reported on Part 2, Line 9.
How to file
Complete the trust or estate and beneficiary information. Use blue or black ink only.
- For each nonresident beneficiary, complete Parts 1, 2, 3, and 4. Part 2 is not needed if there is no Connecticut-sourced income.
- For each resident beneficiary, complete Parts 1, 3, and 4.
- Give each beneficiary their Schedule CT-1041 K-1.
- Attach copies of all issued schedules to the trust or estate’s Form CT-1041.
Electronic filing: If Form CT-1041 is filed through myconneCT, copies of the schedules do not need to be submitted unless DRS requests them. The fiduciary must still give the schedules to beneficiaries.
Beneficiaries must not attach this schedule to Form CT-1040 or Form CT-1040NR/PY.
Common mistakes
- Using the wrong year’s form: The instructions warn that this can delay processing. Use the form for the correct tax year.
- Using other ink colors or staples: Use blue or black ink only. Do not use staples.
- Leaving identifying information incomplete: Properly complete the trust or estate information and include the beneficiary’s SSN or FEIN. Check which type of number you entered.
- Checking multiple status boxes: Check only one applicable residency box. If identifying the schedule as amended or final, check only one applicable box.
- Using the old transmittal form: Form CT-1041 K-1T has been obsoleted.
- Skipping beneficiary copies when filing electronically: Schedules must still be issued to beneficiaries.
Questions people ask
Where does a resident individual report the fiduciary adjustment?
Enter the Part 1 amount on Form CT-1040, Schedule 1, Line 34 if positive or Line 46 if negative.
Where does a nonresident or part-year resident individual report these amounts?
Enter the Part 1 amount on Form CT-1040NR/PY, Schedule 1, Line 36 if positive or Line 48 if negative. Enter Part 2, Lines 1 through 9, on the appropriate lines of Schedule CT-SI.
How do beneficiaries use the credit amounts?
Use Part 3 to complete Schedule CT-IT Credit. Use Part 4 to complete Schedule CT-PE.
What if the beneficiary is another trust or estate?
Enter the Part 1 amount on Form CT-1041, Part 1, Schedule A, Line 5 if positive or Line 11 if negative. Use Part 2, Lines 1 through 9, to calculate the trust or estate’s Connecticut taxable income.