Fiscal Year Election on form 1041

[Bmck345]

I am preparing form 1041 for a deceased relative who died on March 31, 2024. Does the fiscal year start on April 1, 2024 and end March 31, 2025, or does it start, March1, 2024 and end February 28, 2025?

[M-MTax]

The fiscal year would begin on the date of death, March 31, 2024, and end on February 28, 2025.

Accounting periods 

[Bmck345]

Thank you. That makes sense, but in Turbotax Business, when I select February as the fiscal year ending month, it inserts March 1 instead of March 31 and I don't see any way to change it.

[M-MTax]

That's acceptable. A fiscal year, technically, is any period of 12 months (or less) that does NOT end on December 31st. 

[Bmck345]

Thank you.