How to extensions in CA. work in regards to filing this year 2023 and things like K-1 forms?

Forum|Forum|3 years ago
March 20, 2023
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So, my brother is a Successor Trustee of our family Trust that closed out pretty much in 2022. My father passed in August 2021. The Trust was pretty much a house sale. He already paid me my portion of the Trust.

Now I am waiting for a K-1 form that is generated from a 1041 form he must file. I am confused as to when he has to get this to me. I have been told different things. I read on one post the deadline for these type of forms are March 15? I can't file my taxes without this form.

The new deadline is May 15 because of the weather crisis and flooding in CA. where I live. But, now I hear it is in October? Would that be for this type of filing as well? I talked to the IRS and they said he had until this May 15 to file the 1041 form and if he did that I would be required to actually file for an extension to do my taxes this year. I am really confused ball of this. Help?

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MonikaK1

Victims of severe winter storms, flooding, and mudslides in certain California counties beginning January 8, 2023, now have until October 16, 2023, to file various Federal individual and business tax returns and make tax payments. See this IRS news release, which was last updated on February 23, 2023, for more details and to confirm whether your situation qualifies.

See here for the latest guidelines for California state taxes. California is also extending the filing due date to October 16, 2023, for taxpayers in the affected areas.

The extended time for filing your individual return, if you are in the affected area, applies regardless of what tax forms and schedules you need to include with your return.

The postponement of time to file and pay does not apply to residents and businesses located in the following 7 counties: Imperial, Kern, Lassen, Modoc, Plumas, Shasta, and Sierra.

The regular due date for issuance of Schedule K-1 is March 15th. In order to file an accurate return, it's generally best to wait until you have the K-1 before finishing and filing your return.

See also this TurboTax tips article for more information on Schedule K-1, and this one for help with entering the K-1 in TurboTax.

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PJhikerAuthor

Thank you. So, this year the K-1 form he is to provide me with is still March 15 or is that not accurate? The IRS told me he has until May 15th this year to file the 1041 as long as it is postmarked by that date? I'm still really confused.

They told me if he waited that long I have to file an extension for the October deadline.

MonikaK1

The representative who told you that you would need to file an extension may not have been aware that you lived in the area covered by the disaster relief provision.

You should only file your return without the Schedule K-1 information if it isn't received in time for you to file by October 16, 2023, if you are in the affected area. In that unlikely event, you could file an amended return when you receive the information.

As stated in the IRS News Release updated February 23, 2023, affected individuals and businesses will have until Oct. 16 to file returns and pay any taxes that were originally due during this period. This includes 2022 individual income tax returns due on April 18, as well as various 2022 business returns normally due on March 15 and April 18.

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