ea_rva aka acctgtaxmatters
Level 5
09-30-2022
05:50 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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!
Best Answer Click here
Labels
sjrcpa
Level 15
09-30-2022
07:19 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
2021
The more I know the more I don’t know.
ea_rva aka acctgtaxmatters
Level 5
09-30-2022
07:55 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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?
sewcpa
Level 5
09-30-2022
09:21 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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
ea_rva aka acctgtaxmatters
Level 5
10-02-2022
06:23 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you both!
