I received my Schedule K-1 form filed in 2021 but the distribution was not made until 2022. Do I need to amend my tax return for 2021?

[Anonymous_]

Use the date shown on your K-1 (e.g., if this is a fiscal year, use the period ending date/year). 

[Mike9241]

was 2021 the final year (would be so marked on k-1) or was it just a normal distribution that is not taxable unless it reduces your tax basis to a negative number? did you include the k-1  on your 2021 return? 

[janetpentlady]

It is the final return for Schedule K-1.  The year begins on 7/01/2021 ending 6/30/2022.  I do believe I will have to amend my 2021 tax return to include this Schedule K-1.  Thanks for your help.

[Anonymous_]

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@janetpentlady wrote:

It is the final return for Schedule K-1.  The year begins on 7/01/2021 ending 6/30/2022. 

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You would report this K-1 on your 2022 individual income tax return since the end date is 6/30/2022.

[AbrahamT]

That is correctl. Because  the fiscal y.e. is 6/30/2022, you most likely received it on or after 6/30/2022. As such, you will report the income for t.y. 2022 filed in 2023.  

[janetpentlady]

Thank you.  

[janetpentlady]

Thank you.