Schedule 2K-1: Beneficiary’s Massachusetts Information (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Massachusetts Schedule 2K-1 reports a beneficiary’s allocable share of an estate’s or trust’s income, capital gains, deductions, credits, and tax payments for 2024. It also includes information about the beneficiary’s share of the Chapter 63D refundable credit.
What you'll need
The form asks for the following information:
- The estate or trust’s name and employer identification number.
- The beneficiary’s name, identification number, address, legal domicile state, and entity type.
- The fiduciary’s name and address, plus any in-care-of address.
- The percentage of the beneficiary’s taxable income and allocable shares of income, gains, losses, deductions, credits, and payments.
- Chapter 63D entity-level tax and refundable credit information, if applicable.
- Credit amounts and certificate numbers for credits whose entries request them.
The form does not name specific supporting documents to attach.
Common mistakes
- Fill in the loss oval when showing a loss.
- Do not include common trust fund income on lines 8, 10, or 12. The form provides separate common trust fund entries on lines 9, 11, and 13.
- Itemize other income reported on line 6.
- Fill in the nonresident oval if the beneficiary is a nonresident of Massachusetts.
- Carry the total from the page 3 Credit Section to line 16.
Questions people ask
What information does Schedule 2K-1 report?
The 2024 schedule reports a beneficiary’s Massachusetts information, including allocable shares of income, capital gains, deductions, credits, and estimated tax payments.
Which beneficiary types are listed on the form?
The form lists individual residents, individual nonresidents, resident trusts or estates, nonresident trusts or estates, Chapter 62 exempt organizations, Chapter 63 exempt organizations, and “Other.”
Where are estimated tax payments for a nonresident beneficiary reported?
Line 17 is for estimated tax payments made by the fiduciary on behalf of a nonresident beneficiary.
What does the Chapter 63D section ask the electing pass-through entity to report?
It asks for aggregate qualified income from all resident or nonresident beneficiaries with qualified taxable income subject to the Chapter 63D entity-level tax. Lines 19a through 19e cover income, capital gains or losses, total income subject to the 5.0% entity-level tax, tax reported and paid, and the beneficiary’s refundable credit.