Ask Experts Questions for FREE Help !
Ask
    jcpeters123's Avatar
    jcpeters123 Posts: 1, Reputation: 1
    New Member
     
    #1

    Apr 10, 2008, 11:32 AM
    When to report k-1 estate income
    I received a 2007 k-1 from my mother's estate. It is for the period of 2/1/07-2/1/08. Do I report the income on my 2007 return or my 2008 1040 return?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
     
    #2

    Apr 11, 2008, 06:45 AM
    You report this income on your tax return for calendar year 2008. See page 6 of the Shareholders Instructions for Schedule K-1: http://www.irs.gov/pub/irs-pdf/i1120ssk.pdf

    If you file your tax return on a calendar year basis, but the corporation files a return for a fiscal year, report the amounts on your tax return for the year in which the corporation’s fiscal year ends. For example, if the corporation’s tax year ends in February 2008, report the amounts on your 2008 tax return.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How to report 1042s income on 1040 [ 1 Answers ]

I have been on H1 for several years now. I got married in 2007 and my wife was on F1 before marriage. She is on H4 now. My wife had received scholarship and hence she has 1042-S from the university. We are trying to file jointly. Since I am a resident for tax purposes, I have to file 1040. ...

WHere to report overseas BUSINESS Income? [ 2 Answers ]

I am an Aussie living in the US on an E-3, I have been here since late 2006. I have side income ($AUS coming into my Australian bank account) from an eBay business located in Australia, and I believe I must report this for my 2007 US tax return. Where and how would I report this on the 1040? Do...

Failed to report income? [ 3 Answers ]

A friend of mine moved from California to North Carolina in October 2005. Before she moved, she withdrew approximately $32,000 from her retirement fund and taxes were withheld. However, when she filed her income taxes, she didn't think she had to claim it, because she had already paid the taxes. ...

How to report income with no W2 and no 1099? [ 4 Answers ]

My wife made some income this year (about 5K) and we are unsure on how to report it. The business owner has not and will not issue W2 or 1099 forms but has written checks to her name which she has cashed out at his bank. How do we report this on our federal taxes without triggering an audit...

How to report income on 1099-Misc? [ 1 Answers ]

I got both W2 & 1099-Misc (Box 7. Nonemployee Compensation) from my employer. When I entered 1099-Misc income in TurboTax, it produced a Form 4137 (social security & medicare tax on unreported tip income). The income reported on 1099-Misc is not unreported tip income, but performance based bonus...


View more questions Search