Can I file my return without a k-1 form and amend my return when and if I get it ?

[bam1943]

today is filing deadline and I still have not gotten a k-1 form from partnership llc can I file without this form and amend my return later?

[DoninGA · Accepted solution]

Yes you can file the 2016 return without the Schedule K-1 and then amend the 2016 return after receipt of the K-1.

See this TurboTax support FAQ for amending a 2016 tax return - https://ttlc.intuit.com/questions/3061514-how-do-i-amend-a-2016-return-in-turbotax

[hltbrg]

How about this year?

[npierson7]

You can do it this year as well. However, it is better to wait until you get the form and then file your return to avoid amending your return later. Lots of business send out their forms K-1 after March 15. 

[SweetieJean]

Right, and amended returns are taking about 6 months to process now.

[Oscar Zilch]

So I just omit the K-1 rather than use estimated numbers, and then file a 1040-X when the final K-1 is received? Please see my post at:

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/third-economic-impact-payment/00...

This is an important question regarding the third economic impact (or stimulus) payment enacted in 2021.

Thanks.

[chezlagal]

Is this valid - file and then file amended when receipt of K1 - which I know will be a loss - for filings of Tax Year 2021 returns? No penalty as long as there isn't a profit shown on the K1? Know I am getting a refund and can really use the money now, not when the company finally mails it in late March.

[PatriciaV]

Yes, you always have the option to file an amended return based on additional information. Just be aware that the IRS hasn't processed amended returns filed for 2020, so it may be a long time before your final 2021 return makes it through their system.

[1isa]

If you file your taxes without the K1, then receive it but it does not affect the amount owed or refunded at all (very minimal loss or gain), do you still need to amend it upon receipt?

[SharonD007]

No, you do not have to amend your tax return if the K-1 does not change your refund or amount due.