Schedule K-1 is a tax form that lists a beneficiary's share of corporation income, deductions, credits, etc. The corporation also sends a copy of the form to the IRS, so the taxpayer should not attach it to his or her tax return.
In the context of planned giving, a pooled income fund administrator must send a Federal Schedule K-1 to each pooled fund participant that reports the participant's share of the fund's income. An administrator of a Massachusetts, Connecticut, or California pooled income fund must also send a Massachusetts 2G, Connecticut Schedule K-1, or California Schedule 541 K-1 to each participant who is a resident of that state, respectively.
GiftWrap's Pooled Fund Administration module can produce produce the Federal Schedule K-1, Massachusetts 2G, Connecticut Schedule K-1, and California Schedule K-1 forms for pooled fund participants.
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