Use the date shown on your K-1 (e.g., if this is a fiscal year, use the period ending date/year).
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?
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.
@janetpentlady wrote:
It is the final return for Schedule K-1. The year begins on 7/01/2021 ending 6/30/2022.
You would report this K-1 on your 2022 individual income tax return since the end date is 6/30/2022.
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.