We received a Schedule K-1 for funds received from a one-time distribution from a trust. We received the funds in 2020. The K-1 has a fiscal year ending 1/31/2021. Should we enter the K-1 information for our 2020 tax return or use it for 2021?
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Per Reg Section 1.652(c)-1, you can report the income (and other items) that appear on the K-1 you received (with a fiscal year ending in 2021) on your 2021 income tax return.
Per Reg Section 1.652(c)-1, you can report the income (and other items) that appear on the K-1 you received (with a fiscal year ending in 2021) on your 2021 income tax return.
Can we choose to report it with our 2020 taxes?
No, not really; this is not a choice.
Even if you did report the K-1 on your 2020 return, you would likely receive a letter from the IRS concerning a matching issue on your 2021 return.
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