63-009: IA 1041 Schedule K-1 63-009 (2024)
Iowa · Iowa DOR · Used for tax years 2024
The 2024 Iowa IA 1041 Schedule K-1 reports a beneficiary’s share of an estate or trust’s income, deductions, credits, and other information. It includes Iowa income adjustments, Iowa-source income for nonresident beneficiaries, withholding and credits allocated to beneficiaries,
What you'll need
The form asks for the following information:
- The estate or trust’s name, address, entity type, and federal employer identification number (FEIN).
- The beneficiary’s name, address, SSN or FEIN, beneficiary type, residency status, and beneficiary percentage.
- Iowa modifications to income.
- For nonresident beneficiaries, their share of Iowa-source distributable net income, broken down by income type.
- Iowa withholding passed through to the beneficiary and Iowa tax credits allocated to them, including credit certificate numbers if applicable.
- Iowa composite tax paid on the beneficiary’s behalf.
- Beginning and ending dates for fiscal or short-year filers.
The form does not name specific supporting documents to gather.
Common mistakes
- Enter amounts in dollars and cents, as the form directs.
- Mark all applicable boxes for beneficiary type and entity type.
- Use the beginning and ending date fields only for fiscal or short-year filers.
- Include a credit certificate number if applicable when listing Iowa tax credits.
Questions people ask
What does the 2024 IA 1041 Schedule K-1 report?
It reports a beneficiary’s share of income, deductions, credits, and other information from an estate or trust.
Does the form distinguish between resident and nonresident beneficiaries?
Yes. It has separate boxes for resident and nonresident beneficiaries. Part II reports a nonresident beneficiary’s share of Iowa-source distributable net income.
Where are Iowa withholding and tax credits reported?
Part III, Supplemental Information, has lines for Iowa withholding passed through to the beneficiary and Iowa tax credits allocated to the beneficiary.
Where is Iowa composite tax reported?
Part IV, Iowa Composite, reports Iowa composite tax paid on behalf of the beneficiary.
Can the form be marked as final or amended?
Yes. The form has separate boxes labeled “Final K-1” and “Amended K-1.”