Instructions for Schedule 2K-1 Beneficiary's Share of Income, Deductions, Etc. - Wisconsin

This document contains official instructions for Schedule 2K-1 , Beneficiary's Share of Income, Deductions, Etc. - a form released and collected by the Wisconsin Department of Revenue.

FAQ

Q: What is Schedule 2K-1?
A: Schedule 2K-1 is a form used to report a beneficiary's share of income, deductions, and other items related to their trust or estate in Wisconsin.

Q: Who needs to file Schedule 2K-1?
A: Beneficiaries of trusts or estates in Wisconsin may need to file Schedule 2K-1 if they have income, deductions, or other items related to the trust or estate.

Q: What information should be provided on Schedule 2K-1?
A: Schedule 2K-1 requires the beneficiary to report their share of income, deductions, and other items from the trust or estate, as well as their personal information.

Q: Is Schedule 2K-1 the same as a tax return?
A: No, Schedule 2K-1 is not a standalone tax return. It is an attachment to the beneficiary's Wisconsin tax return, such as Form 1 or Form 1NPR.

Q: When is the deadline to file Schedule 2K-1?
A: The deadline to file Schedule 2K-1 is typically the same as the deadline for the beneficiary's Wisconsin tax return, which is usually April 15th.

Q: What happens if I don't file Schedule 2K-1?
A: Failing to file Schedule 2K-1 when required may result in penalties or interest charges from the Wisconsin Department of Revenue.

Q: Can I e-file Schedule 2K-1?
A: Yes, Wisconsin allows electronic filing of Schedule 2K-1 if the beneficiary is e-filing their Wisconsin tax return.

Q: Do I need to provide supporting documentation with Schedule 2K-1?
A: It is advisable to keep supporting documentation related to income, deductions, and other items reported on Schedule 2K-1, but it does not need to be attached to the form when filing.