Schedule K-1

[AirTulip]

My father-in-law passed away January 2, 2021. However, July 2022, I received a schedule k-1 (estate) that is dated 2021. Do I amend my 2021 tax return to include the schedule k-1 with its deductions on line 11? Do I put the schedule k-1 in my 2022 return?

I'm the executor, and I do the family taxes.

Thanks for your help.

[OPC]

The K-1 you received is likely from an entity that uses a fiscal year commencing. on 1 July. Therefore, it represents both the 2021 and 2022 calendar year. The information on the K-1 should be included on your 1040 or 1041 tax return for the 2022 calendar year. 

[Anonymous_]

You would use the tax year printed on the K-1 OR the ending date printed directly below that year if the estate used a fiscal year (i.e., if the ending date is 6/31/21, then you report the K-1 in the 2021 tax year).

[AirTulip]

I'll ask the accountant who issued the K-1.

[dmertz]

The end date of the period covered by the Schedule K-1 is shown at the top of the Schedule K-1.  Presumably that shows an end date in 2022 and would be reportable on your 2022 tax return.

[AirTulip · Accepted solution]

This is just an update in case someone else runs into this. I just heard from the accountant. Because my father-in-law passed away in 2021, the Schedule k-1 is dated for calendar year 2021. Even though taxes were due April 2021, they didn't file until June 2022. That was the first time I saw the Schedule k-1. Because they've filed the estate's taxes, they can't change the date. As an aside, my father-in-law died very close to Jan 1, and there were no taxes due. If we want to use the deductions on the Schedule k-1 we have to file an amendment to our 2021 tax return.