81-132: Fiduciary Schedule K-1 (2024)

What you'll need

To complete the 2024 schedule, gather:

• The estate’s or trust’s name and FEIN.
• The fiduciary’s name and mailing address.
• The beneficiary’s name, mailing address, and SSN or FEIN.
• The tax year beginning and ending dates.
• The beneficiary’s percentage of interest in the entity.
• Estimated tax payments and any amount paid with an extension.
• The beneficiary’s share of income, deductions, and credits.
• Form 80-401 for the names and codes of any Mississippi tax credits entered in Part IV.
• The amount of any electing pass-through entity credit being passed to the beneficiary.

Questions people ask

What income and deductions does the 2024 schedule report?

Part III reports the beneficiary’s share of current-year income, deductions, credits, and other items. Its income and deduction fields include interest, dividends, capital gains, business income, rental income, directly apportioned deductions, and final-year deductions.

Does the schedule identify the beneficiary’s residency status?

Yes. The form includes resident and non-resident beneficiary boxes, along with domestic and foreign beneficiary boxes.

Where do Mississippi tax credits go?

Part IV has fields for the credit amount, name, and code. The form directs you to use the credit name and code from Form 80-401. Part V separately asks for the electing pass-through entity credit being passed to the beneficiary on the beneficiary’s share of income.

Do the reported amounts reflect Mississippi income?

Yes. The form states that the amounts shown reflect Mississippi income or loss and related expenses. It also notes that Mississippi law conforms to the Internal Revenue Code for passive activity and rental real estate activity limitations.

Official sources

• https://www.dor.ms.gov/forms