Distributions from Widely Held Fixed Investment Trust (WHFIT)

[gh]

I received distributions of principal and interest from mortgage instruments in a widely held fixed investment trust (WHFIT) that were recorded in the tax year, but not paid until after the end of the tax year (January).  TurboTax will not accept the acquisition and sale dates for these transactions because they do not occur within the tax year.  How can I resolve this?

[CarolC]

In order to report the distribution for 2017, it needs to have taken place in 2017.  You will use the date of distribution, not the date you were paid, to report this transaction.  You did receive a 1099-B or another tax document, correct?  If you did not receive a tax document, consult with the WHFIT custodian to determine the tax year this distribution should be reported.

[jca09]

My bank says the 1099-B reflects the WHFIT's requirement to report income based on the year it was earned rather than distributed. However, TurboTax is flagging this as an error because the date does not fall within the tax year. How should I accurately report this information in TurboTax without triggering an error?

[DianeW777]

It depends. If the date is after 2023, you can enter a date of December 31, 2023 to eliminate an error for your widely held fixed investment trust (WHFIT).

@jca09 

[jca09]

@DianeW777 -- thank you so much. I can do that. I just wanted to make sure those weren't line items I should hold for my 2024 tax year return. Do you happen to know?