After Return Submitted

[Ricktwo]

I received a K-1 from my Dad’s Trust after I submitted my tax return for this year.  The Trust was managed on a fiscal year basis ending on January 31, 2021.  The K-1 indicates 2020.  Am I obligated to report that on this year’s (2020) tax return?  Or can it wait until next year’s return?

Thanks,

Rick

[MarilynG1]

You would report the 2020 K-1 you received on your 2020 return.

Save a copy of your filed return and prepare an amended return after you receive your refund (or your balance due payment has cleared).

Click this link for more info on How to Amend Your Return.

Here's info on Reporting a K-1. 

[Anonymous_]

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@Ricktwo wrote:

The Trust was managed on a fiscal year basis ending on January 31, 2021.  The K-1 indicates 2020.  Am I obligated to report that on this year’s (2020) tax return?  Or can it wait until next year’s return?

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Does the K-1 show an ending date of January 31, 2021? If so, you report the information from that K-1 on your 2021 income tax return.

[gloriah5200]

You cannot break up the fiscal year K-1 into 2 calendar year tax returns of a beneficiary.

Pass-through entities—fiscal year. Income, loss or deductions passed through to partners, S corporation shareholders, and estate beneficiaries are reported by recipients in the year in which the entity’s tax year ends.

Additional information available at the following link:

What calendar year return includes fiscal year trust income