This week you are required to prepare the Schedule K-1 for Betsy Smith and Jim Smith from the information provided inWeek 1. Tasks: Download a current Form K-1 from theIRS Website.Fill in the...

2021 Schedule K-1 (Form 1041)
Schedule K-1
(Form 1041) 2021
Beneficiary’s Share of Income, Deductions,
Credits, etc.
Department of the Treasury
Internal Revenue Service
▶ See back of form and instructions.
OMB No. 1545-0092
661117
Final K-1 Amended K-1
For calendar year 2021, or tax year
eginning / ending / /
Information About the Estate or Trust Part I
A Estate’s or trust’s employer identification number
B Estate’s or trust’s name
C Fiduciary’s name, address, city, state, and ZIP code
D Check if Form 1041-T was filed and enter the date it was filed
E Check if this is the final Form 1041 for the estate or trust
Information About the BeneficiaryPart II
F Beneficiary’s identifying numbe
G Beneficiary’s name, address, city, state, and ZIP code
H Domestic beneficiary Foreign beneficiary

Beneficiary’s Share of Cu
ent Year Income,
Deductions, Credits, and Other Items
Part III
1 Interest income
2a Ordinary dividends
2b Qualified dividends
3 Net short-term capital gain
4a Net long-term capital gain
4b 28% rate gain
4c Unrecaptured section 1250 gain
5 Other portfolio and
nonbusiness income
6 Ordinary business income
7 Net rental real estate income
8 Other rental income
9 Directly apportioned deductions
10 Estate tax deduction
11 Final year deductions
12 Alternative minimum tax adjustment
13 Credits and credit recapture
14 Other information
*See attached statement for additional information.
Note: A statement must be attached showing the
eneficiary’s share of income and directly apportioned
deductions from each business, rental real estate, and
other rental activity.
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For Paperwork Reduction Act Notice, see the Instructions for Form 1041. www.irs.gov/Form1041 Cat. No. 11380D Schedule K-1 (Form 1041) 2021
Schedule K-1 (Form 1041) 2021 Page 2
This list identifies the codes used on Schedule K-1 for beneficiaries and provides summarized reporting information for
eneficiaries who file Form 1040 or 1040-SR. For detailed reporting and filing information, see the Instructions for Schedule
K-1 (Form 1041) for a Beneficiary Filing Form 1040 or 1040-SR and the instructions for your income tax return.
Report on
1. Interest income Form 1040 or 1040-SR, line 2b
2a. Ordinary dividends Form 1040 or 1040-SR, line 3b
2b. Qualified dividends Form 1040 or 1040-SR, line 3a
3. Net short-term capital gain Schedule D, line 5
4a. Net long-term capital gain Schedule D, line 12
4b. 28% rate gain 28% Rate Gain Worksheet, line 4
(Schedule D Instructions)
4c. Unrecaptured section 1250 gain Unrecaptured Section 1250 Gain
Worksheet, line 11 (Schedule D
Instructions)
5. Other portfolio and nonbusiness
income
Schedule E, line 33, column (f)
6. Ordinary business income Schedule E, line 33, column (d)
or (f)
7. Net rental real estate income Schedule E, line 33, column (d)
or (f)
8. Other rental income Schedule E, line 33, column (d)
or (f)
9. Directly apportioned deductions
Code
A Depreciation Form 8582 or Schedule E, line
33, column (c) or (e)
B Depletion Form 8582 or Schedule E, line
33, column (c) or (e)
C Amortization Form 8582 or Schedule E, line
33, column (c) or (e)
10. Estate tax deduction Schedule A, line 16
11. Final year deductions
A Excess deductions – Section 67(e)
expenses
See the beneficiary’s instructions
B Excess deductions – Non–miscellaneous
itemized deductions
See the beneficiary’s instructions
C Short-term capital loss ca
yover Schedule D, line 5
D Long-term capital loss ca
yover
Schedule D, line 12; line 5 of the
wksht. for Sch. D, line 18; and line 16
of the wksht. for Sch. D, line 19
E Net operating loss ca
yover —
egular tax
Schedule 1 (Form 1040), line 8a
F Net...