How do I file for n alternate tax year (e.g. Apr 2023 to Mar 2024) - instead of Jan to Dec? WHat option do I select in Turbo Tax to use an alternate tax year?
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Hi,
Keep in mind that individuals can change to a fiscal year, but TurboTax does not support that for individual tax returns.
Please make sure that you have the correct version of TurboTax that supports this, TurboTax Business is used for partnerships, S corporations, and C corporations that may operate on a fiscal year.
Here is a link to our TurboTax Business product:
When you begin to enter your business information in TurboTax Business, you can indicate that the business operates on a fiscal year.
Once you have entered all your information into the return, TurboTax will review your return for missing information and errors. After the review, you can select to e-file, or print and mail the return. Some fiscal year returns may need to be mailed, depending on your business' particular scenario.
Unfortunately, TurboTax does not support the use of a fiscal year, assuming this is an individual return.
All TurboTax calculations are based on a calendar year.
If you need to change your tax year, Form 1128 should be filed with the IRS: https://www.irs.gov/forms-pubs/about-form-1128
Hello arulanees,
Thank you for your question. I am happy to assist you.
If your tax year is from April 2023 to March 2024, then you are a fiscal year filer. Unfortunately, TurboTax does not support fiscal year filing. All calculations on TurboTax are based on a calendar year.
The other option is for you to print and mail your return to the IRS and to your state. Please write the Tax Year including the beginning and ending months of your fiscal year in the top margin of page of Form 1040.
In addition to mailing Form 1040 to the IRS, please include forms that have an Attachment Sequence Number on the top right corner of the page.
Please use the below link for reference:
Should you have any questions, please let me know.
Thank you,
Shirleyh88
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