Question from a web visitor: do I prorate income from a fiscal year K-1? Short answer: NO.
Form K-1 is a reporting form issued by partnerships, S-Corporations, estates and trusts. Form K-1 reports an individual shareholder’s or beneficiary’s share of the entity’s income and deductions for the year.
How to report a K-1 that shows a year-end other than December 31.
The “It’s Turbo Tax’s Fault!” defense rarely works, but it did work for one lucky taxpayer in Tax Court last week.