TP just brought in a 1041-K1 marked final. It is printed on a 2011 form, however the dates on the fiscal year says 05-01-2011 to 03-01-2012. It has portfolio and interest reported on it. I may have lost it. Does it belong on the 2011 form 1040 or the 2012 form 1040? Tp indicated they got some money in 2011 and some in 2012 but not sure of the amounts. thanks for an answer or confirmation on which year.
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It belongs on your client's 2012 tax return. The end of the year is controlling in this situation.Originally posted by TAX4US View Post
Maribeth -
Estate K-1
An estate can have a fiscal year. Upon termination, the final return must be filed within something like 3 and 1/2 months so it is common to find the K-1 has the prior year on it because the current K-1 was not available.
It goes on 2012.Comment
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