As a Trustee if I distribute money from an Inherited IRA in a Trust to a Beneficiary and send a check does the check have to be deposited by the Beneficiary during the same tax year? For example, if I mailed a check on December 31st, 2024 to a Beneficiary but it wasn’t deposited until 2025. Are K-1’s for 2024 issued in 2025?
When is the latest a K-1 can be filed for a given tax year?
I imagine by April 15 the same as the due date for the 1041. 1041 Instructions
https://www.irs.gov/pub/irs-pdf/i1041.pdf
@Anonymous_ When you say ending date the K-1 is filed do you mean April 15th when the 1041 is filed?
If you file the 1041 return and K-1 for 2024 then the K-1 will need to go on the individual’s 2024 personal 1040 return, not 2025. A lot of K-1s are issued after April 15 and people who are expecting them will need to file extensions for their returns or amend their tax return when they get a K-1.
@Anonymous_ So for the calendar year of 2024 if my father died on 09/01/2024 would I use that as the beginning date or 01/01/2024 on Form 1041? Am I to assume when filing the 2024 1041 tax return by April 15, 2025 if I mailed out the 2024 K-1’s to the Beneficiaries in January or February I would be alright?