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ea_rva aka acctgtaxmatters
Level 5
September 30, 2022

1041 K-1 2020 or 2021

  • September 30, 2022
  • 1 reply
  • 11 views

Hello All,

My client received a final K-1 from an estate return. The K-1 is on a 2020 form with fiscal year ending 03/31/21. Should this be included on 2020 or 2021 return?

Thanks in advance for your help!

This topic has been closed for replies.

1 reply

sjrcpa
sjrcpa
Level 15
October 1, 2022

2021

The more I know the more I don’t know.
    E
    ea_rva aka acctgtaxmattersAuthor
    Level 5
    October 1, 2022

    The 2020 return was amended to include it and still shows being processed by the IRS. The 2021 return has not been filed yet. Can it be processed this way or does the 2020 1040-X need to be amended to exclude it?

     

     

     

    S
    sewcpa
    Level 6
    October 1, 2022

    Estate tax income/deductions to the heirs belong on the return for the year including the ending date of the estate.  So you need to get it off of the 2020 and put it on the 2021

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