fiscal ear

Forum|Forum|6 years ago
July 24, 2019
2 replies
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I am on a fiscal tax year and not a business. I am trying to print out my forms for sending in but notice that the dates are not appearing on m 1040. I did override the dates but the don't show. neer had the problem in the past. Need to send in by August 15th.

George Heywood

[phone number removed]

[email address removed}

TurboTax Deluxe iOS

Anonymous_

Employee

@Taxheywood wrote:
I am on a fiscal tax year and not a business. I am trying to print out my forms for sending in but notice that the dates are not appearing on m 1040. I did override the dates but the don't show. neer had the problem in the past...

That is because the entire form (Form 1040) was drastically changed for tax year 2018. The link below has instructions for fiscal year filers.

https://www.irs.gov/instructions/i1040gi#idm139844930784656

If you are a fiscal year filer using a tax year other than January 1 through December 31, 2018, write "Tax Year" and the beginning and ending months of your fiscal year in the top margin of page 1 of Form 1040.

TaxheywoodAuthor

Thanks

VolvoGirl

Employee

Just curious. How do you reconcile your W2 and 1099s etc. to your fiscal year? Isn't that a major job and a hassle? You said you don't have a business but are you self employed?

Anonymous

if your not a business and a US citizen it may be improper for you to be using a fiscal year.

Sec. 441(c) defines an annual accounting period to be the period for which an individual regularly computes his income in keeping his books. Because the law does not require individuals to maintain books and records, it may be difficult to demonstrate that the books have been maintained for the fiscal year. Letter Ruling (TAM) 7844042 stated "... record keeping or bookkeeping is understood as the recording of transactions of a taxpayer or business in books of account. Informal notes or records, such as a summary of account income and expense, salary statements, checks stubs, and expense receipts do not constitute books." Sec. 441(g) mandates a calendar year for any taxpayer who fails to maintain books. The fiscal-year individual (or a parent responsible for tax filings of a fiscal-year minor) must recognize the need to maintain books and records more detailed than those of a typical taxpayer.

In Brooks, 6 TC 504 (1946), a chronological record of income and expenses converted by the taxpayer's accountant into a summary "ledger" was held to not constitute books and records, because there was no book to record dividend and interest receipts, cost and acquisition dates of rental real estate property, and improvements or depreciation thereon. The accountant's ledger did not cure these defects, because it was always in the accountant's possession and was not used for any purpose. In Rev. Proc. 92-13, the IRS interpreted Sec. 441(c) to require conformity of the book year-end and the taxpayer's financial statement year-end. Thus, the fiscal-year taxpayer should use a personal financial planning software package to maintain records on a fiscal-year basis and should provide only fiscal-year records to creditors or other interested parties.