My father-in-law passed away in July, 2022 and my wife (the Executrix of the Estate) made a distribution to the beneficiaries in December, 2022. I have started the 1041 income tax return in TurboTax and the fiscal year is July 1, 2022 to June 30, 2023. Based on the fiscal year, my understanding is that the deadline for filing the first 1041 income tax return is October 15, 2023. It also appears that K-1s are not due until the 1041 tax return is submitted (Oct. 15th in this case).
Could you please verify this for me? It doesn't seem correct to make a distribution in 2022, but the beneficiaries do not receive a K-1 or pay taxes on it (the distribution) on their 1040 until the next calendar tax year (2023).
Thank you so much for your thoughts on this,
Roger
