1041 Filing Year?

Forum|Forum|3 years ago
May 27, 2023
2 replies
34 views

My mother passed away in November 2022. The only income was an increase in the value of her home between the date of death and the sale. This was distributed in early 2023 and will need K-1s. Can we now file a final short year return using a 2022 1041 with TurboTax 2022?

TurboTax Business Windows

Critter-3

Level 15

Yes you can use the 2022 TT Business program however you may not be able to efile it.

Mike9241

Level 15

sorry for your loss. if you have not yet file the estate income tax return you can choose a fiscal year starting with the date of death and ending with the end of the month in which all the assets were distributed. so if by Feb (28) 2023 the assets were distributed the return would be due 06/15/2023 - 3 1/2 months after year end

using a fiscal year only one return would be needed. if however you already filed a return on a calendar year basis. (date of death througn 12/31/2022) then a second return would be required. it too would be due 3 1/2 months after the assets were distributed. yes you use the 2022 business version of Turbotax.

Mike9241

starpalAuthor

Level 2

Thanks very much to all for clarifying that for me. That's a big help!

Anonymous_

Level 15

One additional thing to note is that the beneficiaries will report their K-1s on their 2023 federal income tax returns since the ending date on the K-1s will be in the 2023 tax year.