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Which year to put K-1 income on my personal return?

 
 
Bob B
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      02-10-2004, 08:07 PM
I just received a Schedule K-1 form 1041 from my father's
estate. It is for fiscal year 4/01/2002 to 3/31/2003. The
form they used says 2002 in large print in the upper right
hand corner. My question is whether this should be reported
as 2002 income (thus requiring an amended return, late
payment penalty etc) or 2003 income. I tried to find this
in Pub 17 and just couldn't locate it anywhere.

This must be a fairly common situation. What tax year am I
supposed to report it in as a calendar year tax payer?
Thanks in advance!

Bob Brown

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Arthur L. Rubin
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      02-11-2004, 02:01 PM
Bob B wrote:

> I just received a Schedule K-1 form 1041 from my father's
> estate. It is for fiscal year 4/01/2002 to 3/31/2003. The
> form they used says 2002 in large print in the upper right
> hand corner. My question is whether this should be reported
> as 2002 income (thus requiring an amended return, late
> payment penalty etc) or 2003 income. I tried to find this
> in Pub 17 and just couldn't locate it anywhere.


2003.

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Gene E. Utterback, EA
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      02-11-2004, 02:39 PM
"Bob B" <(E-Mail Removed)> wrote:

> I just received a Schedule K-1 form 1041 from my father's
> estate. It is for fiscal year 4/01/2002 to 3/31/2003. The
> form they used says 2002 in large print in the upper right
> hand corner. My question is whether this should be reported
> as 2002 income (thus requiring an amended return, late
> payment penalty etc) or 2003 income. I tried to find this
> in Pub 17 and just couldn't locate it anywhere.
>
> This must be a fairly common situation. What tax year am I
> supposed to report it in as a calendar year tax payer?
> Thanks in advance!


Fiscal year K-1s flow through to the tax return based on the
year-END date. So, in your case, if the 1041's fiscal year
ended in 2003 you would report the income shown on the 2002
1041 K-1 on your 2003 tax return.

Gene E. Utterback, EA

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MAT1040X
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      02-11-2004, 02:58 PM
> I just received a Schedule K-1 form 1041 from my father's
> estate. It is for fiscal year 4/01/2002 to 3/31/2003. The
> form they used says 2002 in large print in the upper right
> hand corner. My question is whether this should be reported
> as 2002 income (thus requiring an amended return, late
> payment penalty etc) or 2003 income. I tried to find this
> in Pub 17 and just couldn't locate it anywhere.
>
> This must be a fairly common situation. What tax year am I
> supposed to report it in as a calendar year tax payer?
> Thanks in advance!


Report in in 2003.

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Lin706
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      02-12-2004, 07:15 AM
> I just received a Schedule K-1 form 1041 from my father's
> estate. It is for fiscal year 4/01/2002 to 3/31/2003. The
> form they used says 2002 in large print in the upper right
> hand corner. My question is whether this should be reported
> as 2002 income (thus requiring an amended return, late
> payment penalty etc) or 2003 income. I tried to find this
> in Pub 17 and just couldn't locate it anywhere.
>
> This must be a fairly common situation. What tax year am I
> supposed to report it in as a calendar year tax payer?


Since the fiscal year ended in 2003, include on your 2003
return.

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Martha Matthews, EA
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      02-12-2004, 07:34 AM
Bob B <(E-Mail Removed)> wrote in news:102iefsq283su49

> I just received a Schedule K-1 form 1041 from my father's
> estate. It is for fiscal year 4/01/2002 to 3/31/2003. The
> form they used says 2002 in large print in the upper right
> hand corner. My question is whether this should be reported
> as 2002 income (thus requiring an amended return, late
> payment penalty etc) or 2003 income. I tried to find this
> in Pub 17 and just couldn't locate it anywhere.
>
> This must be a fairly common situation. What tax year am I
> supposed to report it in as a calendar year tax payer?
> Thanks in advance!


2003 1040. You are "deemed" to receive the income in the final
month of the estate's fiscal year (3/2003) even if you actually
received the distribution in April 2002.

Martha Matthews, EA

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