Can Estate 2022 K-1 Forms be Filed On Beneficiaries 2023 1040 Forms?

Forum|Forum|3 years ago
February 24, 2023
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I am the executor of my mom's estate which opened in 2022 and will close in 2023 on a fiscal year basis. I will file a Form 1041 and it will be on a 2022 form as required. Filing deadline is 9/15/23, but will likely be done earlier than that. K-1's will only pass excess deductions to beneficiaries, no income. Can they file their 2022 K-1 forms on their 2023 1040 or do they need to amend their 2022 returns to claim the deductions?

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Best answer by Anonymous_

@mike09171787 wrote:

Can they file their 2022 K-1 forms on their 2023 1040 or do they need to amend their 2022 returns to claim the deductions?

If the fiscal year ending for the estate is in 2023 (as shown on the K-1s), then the beneficaries will report the information from those K-1s on their individual income tax returns in the 2023 tax year.

AliciaP1

No, they will need to amend if they do not wait for the K-1s or if their reportable items change because of the K-1s. All tax forms must be reported in the year they were issued. So, Schedule K-1 from a 2022 Form 1041 must be reported on the 2022 Form 1040.

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