I am part of a LLC and apparently the K-1 I'm supposed to receive won't be sent out until after April. The rest of my individual tax return for 2016 is completed and as of now I am scheduled to receive a sizable refund. Can I file my return now and then amend my 2016 return later (after receiving refund) after I receive the K-1 without penality?
It is always recommended that you wait until all your tax documents are in before you file. People do file returns and then amend their returns when the additional tax information does come in. If you file your original return on or before 4/1/2017 and pay any taxes due there is no penalty.
In my case I may not receive any K-1 until September and also it's closed and bankrupt where we lost significant amount. Do I have to file for personal extension and then file in October after I get K-1 in September? Or can I file now and amend it whenever I get the K-1 ?