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

Discussion in 'Tax' started by Bob B, Feb 10, 2004.

  1. Bob B

    Bob B Guest

    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

    << ------------------------------------------------->>
    << The Charter and the Guidelines for submitting >>
    << messages to this newsgroup are at www.asktax.org >>
    << ------------------------------------------------->>
     
    Bob B, Feb 10, 2004
    #1
    1. Advertisements

  2. 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.

    << ------------------------------------------------->>
    << The Charter and the Guidelines for submitting >>
    << messages to this newsgroup are at www.asktax.org >>
    << ------------------------------------------------->>
     
    Arthur L. Rubin, Feb 11, 2004
    #2
    1. Advertisements

  3. "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.
    >
    > 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

    << ------------------------------------------------->>
    << The Charter and the Guidelines for submitting >>
    << messages to this newsgroup are at www.asktax.org >>
    << ------------------------------------------------->>
     
    Gene E. Utterback, EA, Feb 11, 2004
    #3
  4. Bob B

    MAT1040X Guest

    > 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.

    << ------------------------------------------------->>
    << The Charter and the Guidelines for submitting >>
    << messages to this newsgroup are at www.asktax.org >>
    << ------------------------------------------------->>
     
    MAT1040X, Feb 11, 2004
    #4
  5. Bob B

    Lin706 Guest

    > 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.

    << ------------------------------------------------->>
    << The Charter and the Guidelines for submitting >>
    << messages to this newsgroup are at www.asktax.org >>
    << ------------------------------------------------->>
     
    Lin706, Feb 12, 2004
    #5
  6. Bob B <> 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

    << ------------------------------------------------->>
    << The Charter and the Guidelines for submitting >>
    << messages to this newsgroup are at www.asktax.org >>
    << ------------------------------------------------->>
     
    Martha Matthews, EA, Feb 12, 2004
    #6
    1. Advertisements

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments (here). After that, you can post your question and our members will help you out.
Similar Threads
  1. TomBk
    Replies:
    0
    Views:
    386
    TomBk
    Dec 17, 2005
  2. Theresa Coe

    UK Has the DWP paid my NI contributions?

    Theresa Coe, Jun 9, 2016, in forum: General Accountancy Discussion
    Replies:
    1
    Views:
    273
    Fidget
    Jun 16, 2016
  3. Parthiban Vijayaraghavan

    Passionate about improving my Accounting Skills...

    Parthiban Vijayaraghavan, Jun 11, 2016, in forum: Introductions
    Replies:
    2
    Views:
    488
    Tempe Tony
    Oct 27, 2016
  4. Stephane Saussier

    USA Finding a suitable online Accounting Software for my multiple businesses

    Stephane Saussier, Jun 20, 2016, in forum: Accounting Software
    Replies:
    2
    Views:
    547
    staceyhoward
    Nov 17, 2016
  5. TriumphKai

    USA How should I change my profession to accounting?

    TriumphKai, Jul 25, 2016, in forum: Career and Jobs
    Replies:
    2
    Views:
    599
    Karim J. El Barbir
    Oct 11, 2016
  6. brent123

    Australia Not to sure how to go about accounting for my business

    brent123, Aug 17, 2016, in forum: Technical Queries
    Replies:
    1
    Views:
    317
    BillLumbergh
    Oct 4, 2016
  7. b0chatma
    Replies:
    3
    Views:
    450
    DanielSG
    Oct 2, 2016
  8. Lisa725

    USA S corporation earnings passed through on k-1

    Lisa725, Oct 12, 2016, in forum: Businesses / Corporations
    Replies:
    1
    Views:
    452
    Das_Dumped
    Oct 27, 2016
Loading...