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Fiscal year estate income and tax rates

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Level 3

Client has a fiscal year estate tax return. Do I use the 1099 forms received for 2018 for income, or ask client for interest, dividends, and gain during the fiscal year June 2018-May 2019? The fiscal year ends May 2019. Do I use the tax rates in effect for 2019 for the entire return?

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Level 10

FYE 5/31/19 ending is a 2018 income tax return. Dividend and interest earned in those 12 months, capital gains on assets sold in those 12 months, and expenses paid in those 12 months go on this return.  

Use the tax software to calculate the tax, and you won't have to worry about the rates.

** I'm still a champion... of the world! Even without The Lounge.

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Highlighted
Level 10

FYE 5/31/19 ending is a 2018 income tax return. Dividend and interest earned in those 12 months, capital gains on assets sold in those 12 months, and expenses paid in those 12 months go on this return.  

Use the tax software to calculate the tax, and you won't have to worry about the rates.

** I'm still a champion... of the world! Even without The Lounge.

View solution in original post

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