Schedule k-1 form 1041 estate or trust

[Accountable2Him]

I call schedule k Special K. I wish I knew more about them. Part III Line 12 A & J have an amount. It this for Alternative Minimum tax adjustment. What does that mean to my client and do I have to file other forms? His AGI is below the AMT amount.

Thank you

[taxea]

You need to research the instructions.

[Burke]

I call schedule k Special K. I wish I knew more about them. Part III Line 12 A & J have an amount. It this for Alternative Minimum tax adjustment. What does that mean to my client and do I have to file other forms? His AGI is below the AMT amount.

Thank you

Hopefully you have software doing this. If you input all the numbers in the appropriate places on the K-1 worksheet, it should transfer these to the proper forms. AMT adjustments go to Form 6251. It may or may not have any effect on the bottom line, depending on the TP's income.