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1 on a 1040 refers to the income received by an individual from partnerships, estates, or trusts as reported on their personal tax return. The K1 details the share of income, deductions, and credits that flow through to the individual from entities they have interests in. For those dealing with a 2009 Maryland Fiduciary Schedule K1, it’s essential to report this information on your 1040 to maintain accurate tax records.
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