Do I have to wait for a K1?

[whytni09]

We never get my husband's K1 until late July. It usually changes our refund by less than $200 each year. We always get a sizable return ($3,000+) but it is so annoying to wait until July to file and then get our money. Can we file now by saying we will no longer get a K1, get our refund, and then do an amendment later to add it back? I realize we could then owe a bit at that time, but is there anything wrong with doing it this way?

[rjs]

There are a few things wrong with doing that.

(1) You are filing a tax return that you know is wrong.

(2) It's extra work.

(3) It takes 5 months or more for an amended return to be processed.

[Opus 17]

A $3000 refund means you are giving the IRS an interest-free loan of $60/week or $250/month.  Why not adjust your payments or withholding so you get that money each week, and either break even at tax time or owe a small amount.  That way, you aren't holding your breath for that refund.  Unless the $3000 refund is the only way you can save money, and you would spend it all if you had an extra $60/week in your checks. 

[dmertz]

In addition to what rjs said:

(4) Telling TurboTax that you no longer receive the Schedule K-1 will cause TurboTax to delete any carryover information that may be required to properly complete the tax return.  Reconstructing that to prepare an amended tax return can be a nightmare.  You would be better to estimate the values for the Schedule K-1 rather than remove the K-1, but you would still be untruthful when you sign the tax return saying that it is correct to the best of your knowledge.