L.S. Posted September 20, 2007 Report Share Posted September 20, 2007 Person died in 07. Can we do a fiscal year 1041 or do we have to do a calendar year? thanks Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted September 20, 2007 Report Share Posted September 20, 2007 Why would they have the blanks at the top of the form for a fiscal year 1041 if you could not file one? Quote Link to comment Share on other sites More sharing options...
zeke Posted September 20, 2007 Report Share Posted September 20, 2007 Person died in 07. Can we do a fiscal year 1041 or do we have to do a calendar year? thanks Executor/Representative has election of fiscal year ending any month prior to DOD. Therefor can elect fiscal year of 12/31/07. Considerations: A. Elect ending month that allows (as far as possible)balanced cash flow - thereby minimizing tax. B. IF estate will be closed in less than 12 months, just file one 1041 with final distrubution of net income/loss as distribution to beneficiaries. Hope this helps. Quote Link to comment Share on other sites More sharing options...
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