Drake Tax - Short-Year or Fiscal-Year Return Due before Tax Forms Released

Article #: 13713

Last Updated: November 06, 2024

 


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In certain situations, a taxpayer may need to file a short-period or fiscal-year return before the newest version of tax software is ready for the next tax year. If a short-year or fiscal-year 20YY return is due before Drake Tax 20YY has been released, there are a couple options detailed below.

Important  YY refers to the future tax year program that is not yet available and XX refers to the latest currently available program.

  • If the correct tax year forms will be available before the extended due date of the return, you can file an extension for the return.

    • Once DrakeYY is released, you can complete the return in that year of Drake Tax.

    • If it is a short year, follow the steps outlined in Drake Tax - Short Year Return.

  • If the return is due before DrakeYY is released, prepare the return in the latest available software, making any adjustments and overrides as needed. Mark out the prior year date on the printed form, manually write in the 20YY date, and then paper-file return.

    • You may consider filing an amended return once the current-year software becomes available (if significant current-year tax changes would affect the return).

For a short tax year, requirements for filing the return and figuring the tax are generally the same as the requirements for a return for a full tax year (12 months) ending on the last day of the short tax year. See the notes in Drake Tax - Short Year Return.

See Publication 538, Accounting Periods and Methods, and Publication 4163 for more information. Also See "Period Covered" in the form instructions for short-year and fiscal-year returns: