I am preparing the 1041 for an estate with a fiscal accounting period of 12/26/21 to 11/30/22 so have to adjust the calendar year 1099s from the financial institution to exclude December 2022 income. There was no income from the period 12/26/21 to 12/31/21 to adjust. How do I do this in Turbotax? I have already had to make quite a few adjustments to the 1099-B because the payer (1) issued it under decedent's SS# rather than the estate EIN, (2) the cost basis is the original rather than the stepped up basis and (3) they showed a couple of short term losses when they should be long term for the estate (my understanding is that they are automatically considered LT if the asset was required from the decedent.). I have used the proper error codes for these. Does there need to be some type of reconciliation submitted with return between the 1099s and amounts reported? I have never done a fiscal year return before.
