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Returning Member
posted Mar 5, 2023 12:03:18 PM

Schedule K-1 Form 1041 Fiscal vs Calendar Year

There is a prior post from '21 where this question was asked and answered (https://ttlc.intuit.com/community/taxes/discussion/schedule-k-1-form-1041-fiscal-vs-calendar-year/00/1999811).  However, I'm getting conflicting info regarding that answer for this year's return ...  

 

The Schedule K-1 (1041) we received has a fiscal year of 02/01/2022 - 01/31/2023.  TurboTax software is stating I must wait to '23 taxes; a tax preparer friend of mine is saying the same thing.

 

The fiduciary for the estate that we received a distribution from, however, says it should be included in my '22 taxes.

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1 Best answer
Level 15
Mar 5, 2023 12:35:03 PM

2 Replies
Level 15
Mar 5, 2023 12:35:03 PM

Level 15
Mar 5, 2023 7:51:19 PM

an estate can choose a calendar year or fiscal year. the year you report the k-1 is the year that the estate's year ends. in this case 2023 according to the k-1.  doesn't matter that the distribution occurred in 2022.  hopefully, the administrator put January in box 12 of the SS-4 application (EIN)