Discussion:When to report interest on 1041
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| Revision as of 22:29, 8 June 2009 Kevinh5 (Talk | contribs) (that is, when I') ← Previous diff |
Revision as of 22:35, 8 June 2009 PBinNJ (Talk | contribs) (I understand but) Next diff → |
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Revision as of 22:35, 8 June 2009
Discussion Forum Index --> Basic Tax Questions --> When to report interest on 1041
Discussion Forum Index --> Tax Questions --> When to report interest on 1041
| 8 June 2009 | |
| Client is an estate with 8/31 fiscal year end. We have a 2008 1099INT. Does it get picked up on the estate's return for year ending 8/31/09 or is it prorated between 8/31/08 and 8/31/09? Thanks. | |
| 8 June 2009 | |
| you need the monthly statements to determine the correct interest to report. If cash basis, it is pro-rated based on when it is actually posted to the account (i.e. some months more, and some less based on interest rate and balances).
that's why the 'accounting' is required before preparing a return | |
| 8 June 2009 | |
| that is, when I'm not saying something equally as elucidating
like 'It's better to light one candle than to curse the darkness.' I say that quite often. | |
| 8 June 2009 | |
| I understand but isn't the IRS looking to match the 1099 with what is reported on the 1041? | |
