Can 2012 1041 be prepared now

[John of PA]

I have an initial and final 1041 to prepare for an Estate where the decedent passed away in Jan 2012. The Estate has been finalized and distributions made. Must I wait until January when I get my 2012 software (Drake) or could the 1041 be prepared now on the 2011 forms. Thank You for any input you may have.

[Burke]

You have a short tax year, and may file now using the 2011 form. Be sure to indicate the starting date (DOD) and ending date (date of final distribution) at the top, and these dates will also pass through to the K-1's. I usually include a letter to the bene(s) alerting them to the fact that this is information that will be used to prepare their 2012 tax return, and that it is not reported on 2011. Be sure to check the box that says Final.

[John of PA]

Thank you Burke, that makes sense.

[kpangelinan]

You have a short tax year, and may file now using the 2011 form. Be sure to indicate the starting date (DOD) and ending date (date of final distribution) at the top, and these dates will also pass through to the K-1's. I usually include a letter to the bene(s) alerting them to the fact that this is information that will be used to prepare their 2012 tax return, and that it is not reported on 2011. Be sure to check the box that says Final.

Yup, not much more to add to this. I had this exact scenario last year and it worked just as Burke described.