L.S. Posted September 20, 2007 Report Posted September 20, 2007 Person died in 07. Can we do a fiscal year 1041 or do we have to do a calendar year? thanks Quote
kcjenkins Posted September 20, 2007 Report Posted September 20, 2007 Why would they have the blanks at the top of the form for a fiscal year 1041 if you could not file one? Quote
zeke Posted September 20, 2007 Report Posted September 20, 2007 Person died in 07. Can we do a fiscal year 1041 or do we have to do a calendar year? thanks Executor/Representative has election of fiscal year ending any month prior to DOD. Therefor can elect fiscal year of 12/31/07. Considerations: A. Elect ending month that allows (as far as possible)balanced cash flow - thereby minimizing tax. B. IF estate will be closed in less than 12 months, just file one 1041 with final distrubution of net income/loss as distribution to beneficiaries. Hope this helps. Quote
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