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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 967
Experience:  Certified Public Accountant
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Father's estate - Tax Preparer filed a 1041 extension (2015)

Customer Question

Father's estate - Tax Preparer filed a 1041 extension (2015) and subsequently sent the K-1 with taxable income. However I did not receive any proceeds until June 2016. Which year do I report income on my 1040?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: Pretty much explained
JA: Is there anything else the Accountant should be aware of?
Customer: No, I just need to know if I have to file an amended tax return for 2015 or include the 2015 K-1 information on my 2016 Tax Return
Submitted: 4 months ago.
Category: Tax
Expert:  Mark Taylor replied 4 months ago.

Hi, my name is Mark. I will be happy to help you with your questions.

Expert:  Mark Taylor replied 4 months ago.

What was the year end for the 1041?

Customer: replied 3 months ago.
The year ended was December 31, 2015
Expert:  Mark Taylor replied 3 months ago.

You would report the income reflected on the K-1 in 2015.

Expert:  Mark Taylor replied 3 months ago.

It sounds like you may also receive a K-1 in 2016.

Expert:  Mark Taylor replied 3 months ago.

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