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How to handle calendar year income on a fiscal year estate income tax return?
My mother passed away August 8, 2024 so as her executor I will file her 2024 1040 in April 2025 followed by a 1041 estate return. I want to use a fiscal year of August 2024 through July 2025 for the first and final estate return when filing it with Turbotax Business 2024. Selling her mutual funds in late August 2024 and putting the proceeds into a money market fund until they are disbursed to her beneficiaries next year will cause the estate to receive 1099s for income earned in both 2024 and 2025 since those are issued on a calendar year basis by the financial institutions. With a fiscal year that ends July 31, 2025 the estate return needs to be filed by November 15, 2025, but 2025 1099s will not be received until February 2026. Is there a way to work this out or will I be forced to file two 1041 returns in 2025 and 2026?
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How to handle calendar year income on a fiscal year estate income tax return?
You don't have to wait for the 1099s.
You can use statements for 2025 BUT you can also request an extension.
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How to handle calendar year income on a fiscal year estate income tax return?
You don't have to wait for the 1099s.
You can use statements for 2025 BUT you can also request an extension.
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