What is the K-1 Form Due Date for an Irrevocable Trust?

Updated: Sep 2

Attorney Thomas B. Burton, of Burton Law LLC, in Eau Claire, Wisconsin is joined by Attorney Matthew Underwood, of Underwood Legal, LLC in Madison, Wisconsin and together they answer a reader's question about what the due date is for a K-1 form for an irrevocable trust. Attorneys Underwood and Burton discuss this question and discuss the various factors that may influence the date when the trust tax return is due and discuss how this will influence when this K-1 form will be sent to beneficiary.


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Transcript of Video: What is the K-1 Form Due Date for an Irrevocable Trust?

Okay welcome back today I'm joined again

by Attorney Matthew Underwood from

Madison Matt thanks for joining us

thanks for having me Tom and Matt

another great question designed just for

you this question comes from Madison

Wisconsin and the reader asks the

following what is the k1 form due date

I receive income from a trust and i am

supposed to receive a k1 form is there

a date that form is due to be issued or

can the trustee issue it at any time she

wishes? Yeah that's a good question so

the k1 form that's a form that

beneficiaries received to show what

their tax liability is and you might be

a beneficiary of a trust you might be a

beneficiary of an estate but that's the

way that that estate or trust is going

to pass off that that tax liability to

the beneficiaries so that the actual due

date is going to depend on a few

different things first of all it depends

on whether the estate is on a calendar

year or on a fiscal year so if the

estate's on a calendar year that's where

we typically have that April 15th

deadline that everyone's so used to so

if the state's on a calendar year you

may not be receiving that k1 until that

tax return due date of April 15th and if

you feel like that we're getting close

to that deadline you haven't received

that k1 form from the trustee yet you

may need to file an extension for your

own taxes but you might want to just

contact that trustee and you know ask

them what the statuses or when they

might be getting those k1 forms to you

so again it's important to know whether

it's a fiscal or calendar year estate or

trust and then you can know what that

that k1 due date is anything that you

had had on that time or that you've seen

in your practice well Matt I was just

thinking this year our reader is in luck

because they extended the due date to

July 15

I believe and normally it's always April

15th or the 16th or whatever the Monday

happens to be but you if in fact you're

supposed to file that you need that k1

this year you still have roughly a month

and a half here to contact the trustee

and get the answer about the due date

for the trust return because again if

like matt said if the Trust isn't filing

doesn't have to file by what was

normally the April 15th date it may be

that you don't need it this year for

your personal tax return either so I

think what you said is exactly correct

you got to talk to the trustee and figure

out when the due date is for that trust

return and Matt I have seen confusion

with that in my practice because it all

it depends on the decisions made around

the time the person died right so if

they died late in the year the calendar

year it's possible that the trustee and

the attorney decided to opt out of

calendar year and essentially put out

filing the return for more like 16

months so I think what you said is

correct contact the trustee and get that

date because you may be waiting around

for a k1 that isn't going to come even

by July 15 yeah that's right I think you

know one of the important parts of this

or dealing with any sort of estate

especially when we start talking about

estate and Trust tax returns is that you

have qualified professionals that are

looking at that and helping out with

that it things go a lot smoother when

things are done right so I would

encourage you to work with your estate

attorney work with your CPA and make

sure that those filings are done right

and done right the first time

yes on that note I totally agree so

thank you to the reader for the question

and thank you Matt for joining us thanks

for having me Tom.

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Transcript and captions provided for ease of access for the hearing impaired.

For questions about this topic, or to suggest a topic for a future blog post, please contact the office.

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