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What is the K-1 Form Due Date for an Irrevocable Trust? - YouTube
Channel: Burton Law LLC
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Okay welcome back today I'm joined again
by Attorney Matthew Underwood from
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Madison Matt thanks for joining us
thanks for having me Tom and Matt
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another great question designed just for
you this question comes from Madison
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Wisconsin and the reader asks the
following what is the k1 form due date
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I receive income from a trust and i am
supposed to receive a k1 form is there
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a date that form is due to be issued or
can the trustee issue it at any time she
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wishes? Yeah that's a good question so
the the k1 form that's a form that
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beneficiaries received to show what
their tax liability is and you might be
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a beneficiary of a trust you might be a
beneficiary of an estate but that's the
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way that that estate or trust is going
to pass off that that tax liability to
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the beneficiaries so that the actual due
date is going to depend on a few
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different things first of all it depends
on whether the estate is on a calendar
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year or on a fiscal year so if the
estate's on a calendar year that's where
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we typically have that April 15th
deadline that everyone's so used to so
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if the state's on a calendar year you
may not be receiving that k1 until that
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tax return due date of April 15th and if
you feel like that we're getting close
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to that deadline you haven't received
that k1 form from the trustee yet you
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may need to file an extension for your
own taxes but you might want to just
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contact that trustee and you know ask
them what the statuses or when they
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might be getting those k1 forms to you
so again it's important to know whether
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it's a fiscal or calendar year estate or
trust and then you can know what that
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that k1 due date is anything that you
had had on that time or that you've seen
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in your practice well Matt I was just
thinking this year our reader is in luck
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because they extended the due date to
July 15
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I believe and normally it's always April
15th or the 16th or whatever the Monday
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happens to be but you if in fact you're
supposed to file that you need that k1
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this year you still have roughly a month
and a half here to contact the trustee
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and get the answer about the due date
for the trust return because again if
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like matt said if the Trust isn't filing
doesn't have to file by what was
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normally the April 15th date it may be
that you don't need it this year for
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your personal tax return either so I
think what you said is exactly correct
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you gotta talk to the trustee and figure
out when the due date is for that trust
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return and Matt I have seen confusion
with that in my practice because it all
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it depends on the decisions made around
the time the person died right so if
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they died late in the year the calendar
year it's possible that the trustee and
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the attorney decided to opt out of
calendar year and essentially put out
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filing the return for more like 16
months so I think what you said is
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correct contact the trustee and get that
date because you may be waiting around
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for a k1 that isn't going to come even
by July 15 yeah that's right I think you
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know one of the important parts of this
or dealing with any sort of estate
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especially when we start talking about
estate and Trust tax returns is that you
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have qualified professionals that are
looking at that and helping out with
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that it things go a lot smoother when
things are done right so I would
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encourage you to work with your estate
attorney work with your CPA and make
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sure that those filings are done right
and done right the first time
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yes on that note I totally agree so
thank you to the reader for the question
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and thank you Matt for joining us thanks
for having me Tom
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