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Stephanie B.
Stephanie B., Enrolled Agent
Category: Tax
Satisfied Customers: 556
Experience:  MTax, EA, QuickBooks Proadvisor. Over 15 years accounting and tax experience specializing in individual and small business.
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I just have received a K1 for an S Corporation that is on a

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I just have received a K1 for an S Corporation that is on a Fiscal Year of October 1, 2011 to Sep 30, 2012

the K1 is printed as 2011 K1 with the above fiscal year

What year the income/loss should be reported on the personal tax return ?

2012 tax return or i need to amend 2011 tax return ?

are s corporation allowed to have Fiscal Year ?

Stephanie B. :

Thank you for using Just Answer.

You will report this K-1 on your 2012 personal tax return as this is the year the fiscal year ended.

If the S-Corp has a business purpose, it can elect to have a tax year other than the required calendar year. This election requires IRS approval.

Please let me know if you need additional clarification.

I look forward to your response.


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