file for an extension or amend?

Forum|Forum|5 years ago
March 8, 2021
7 replies
68 views

I have a small share in a partnership, that sends me each year a K1 Schedule for my taxes. They are always late and I have to wait for them until I can finally do my taxes. This year they are telling me that they are still waiting for some tax credit from the IRS and they themselves will file for an extension and do complete their taxes later. That means I won't get my K1 until after April . So what is my best approach?

do I file for an extension myself and wait to do my tax return later this summer?

or should I do taxes now, get my refund (likely) and then file an amendment with the K1 later this summer, (and probably have to pay some taxes then) ?

what are the pros and cons or do I even have a choic

Not A Product Question

Best answer by MarilynG

You do have a choice. Whether you request an Extension of Time to File or File/ Amend, any Tax Due Amount is owed as of April 15, 2021.

Click this link for more info on Filing for an Extension.

This link has instructions on Tax tips for Amending.

MarilynGAnswer

Level 15

You do have a choice. Whether you request an Extension of Time to File or File/ Amend, any Tax Due Amount is owed as of April 15, 2021.

Click this link for more info on Filing for an Extension.

This link has instructions on Tax tips for Amending.

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monsterofthemidway

Level 2

I'm in the same situation. I invested $25K into a real estate project and was told I won't have my K-1 until after the deadline. From everything I'm reading, and from what you said, I have to pay any taxes owed. How do I know if I'm supposed to owe taxes if I don't have the K-1. I've never done this before, and I'm uncertain what my liabilities will be with that change. Is the amount owed only based on the information I have in front of me or do I have to factor in the investment?