WITAXLADY Posted February 18 Report Posted February 18 08/01/2023 to 7/31/2024 - received final k-1 for an estate First instinct is to amend 2023.. however, attorney letter states it is a 2024 filing as it ends in 7/31/2-24?? Please clarify my thoughts - What I read says 2023.. Thank you, Darlene Quote
Lynn EA USTCP in Louisiana Posted February 18 Report Posted February 18 it is a 2024 income item. 2 Quote
jklcpa Posted February 18 Report Posted February 18 For K-1s from estate 1041s, it is the trust year-END that is within the individual's tax year that dictates what year to report on the individual's return. In your client's case, the K-1 year ended on July 31, 2024 so the activity from the K-1 flows to the individuals 2024 return. 3 Quote
WITAXLADY Posted February 18 Author Report Posted February 18 Again, thank you - always something to learn! Best, Darlene 1 Quote
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