Yardley CPA Posted March 21, 2008 Report Posted March 21, 2008 Client brought me a K-1 today that was sent to her by her brother. It reflects interest income and inheritance income from their fathers trust. The dates on the K-1: Tax year beginning 12/01/2006 and ending 11/30/2007. Based on these dates, shouldn't this income have been reported on her 2006 return?? Quote
Maribeth Posted March 21, 2008 Report Posted March 21, 2008 Client brought me a K-1 today that was sent to her by her brother. It reflects interest income and inheritance income from their fathers trust. The dates on the K-1: Tax year beginning 12/01/2006 and ending 11/30/2007. Based on these dates, shouldn't this income have been reported on her 2006 return?? The K-1 income goes on her 2007 return, not the 2006 return. Maribeth Quote
Lion EA Posted March 21, 2008 Report Posted March 21, 2008 Nope. Year that includes the trust year-end date. If the trust's year didn't end until 11/30/2007, she wouldn't have had info back in April 2007 or earlier to file her 2006 return. Quote
Yardley CPA Posted March 21, 2008 Author Report Posted March 21, 2008 Thanks for the responses. The dates had me a bit confused. Quote
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