Question
When does an individual taxpayer report K-1 income from an Estate?
Estate files a 1041 on a fiscal year ending 1-31-24, passing through $143k of income to an individual taxpayer. Individual taxpayer brings me the K-1 on 3-4-24 to be reported with his 2023 tax return filed by April 15, 2024.
Am I correct that the individual should include the K-1 income not on his 2023 tax return, but instead on the 2024 tax return to be filed by April 15, 2025?
