Originally Posted by whatberger
As a beneficiary of a trust I've received a K-1. I received a distribution at the end of a calendar year, but the trust's tax year isn't calendar (ends in May), so the K-1 actually lists the following year. Which year should I include this on my own tax return?
A fiscal year return is filed when the trust accounting period ends in any month other than Dec. 31. The allocated income from that year?s activities is reported on your calendar year tax return for the year in which the entity?s fiscal year ends;so, it is deemed to have been earned and distributed in the final month of the trust's tax year, May of 2016. You need to report your SCh K-1 of 1041 on your 2016 tax return. The year-end date of the trust (in this instance, May 31, 2016) controls which year you report the information on the Sch K-1.