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Trust schedule k1: The trust fiscal schedule is July-June per EIN and will not issue a K1 until Oct 2017. How do I account for trust income in the July-Dec 2016 period?
The trust started July 2016. The EIN created at the start elected a July-June fiscal year for reporting. The trust has been generating quarterly income from annuities ever since (both qualified and Non-qualified accounts). It seems odd not to include this income in my CY2016 return, but according to the CPA for the trust the K1 will not be generated until sometime between July and October 2017 which I can then include in my CY2017 return (which will include distributions from late 2016 through mid-2017). Is this correct?
