From IRS Publication 559 it indicates that a fiscal year can be chosen. So, let's say I chose June 1, 2019 through May 31, 2020 I likely would only have to prepare one 1041. This would likely encompass all distributions to beneficiaries, requiring them to report on their 1040 only for the 2020 tax year, even though some distributions were made in 2019.
Sound correct? Thank you!
