Now for the questions - I only have Turbotax 2020 - can I use that for a fiscal year 2022 return?
Assuming I can, and I do the final return in Oct 2021 (Fiscal tax year 6/1/21-5/31/22), will the K1 be for tax year 2022? So even though I would send the K1 to my father's estate in 2021 his estate would not report it on 2021 taxes, and would wait until 2022? Then his heirs would not be taxed until 2022?
You can't use a 2020 version of TT to do a return with a fiscal year that begins in 2021 and ends in 2022.
The K1 will be for the 2022 tax year and anyone including the estate would report that K1 on a return for the 2022 tax year......heirs are taxed in 2022.
With the complex nature of this deal you should really look for a tax pro and at least get some pro guidance.
