☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 3
posted Mar 29, 2023 6:50:05 AM

Missing Schedule K-1 that will impact my projected refund - what next?

I've completed my taxes and I'm currently scheduled to get a significant federal & state refund.  However, I'm missing a K-1 form that will likely reduce or eliminate the refunds.  The K-1 is expected to be out by 4/18/2023.  Do I file my return now to get the refund and then amend the tax return after the K-1 comes out?

Or do I file for an extension and submit the return once the K-1 is available?  If I end up owing taxes after the K-1 is available, would I be subject to any late fees? 

I typically pay quarterly taxes so how do I account for that in my filing?  

0 2 892
1 Best answer
Level 15
Mar 29, 2023 9:44:31 AM

definitely file an extension if the k-1 is going to reduce your refund.   if you don't, and file by 4/18,  and then amend not only will you owe taxes (for the amount over-refunded) but also penalties and interest.  plus you may have to deal with IRS notices about any unreported income due to the k-1. save yourself the hassle 

2 Replies
Expert Alumni
Mar 29, 2023 7:25:24 AM

Do I file for an extension and submit the return once the K-1 is available? 

If I end up owing taxes after the K-1 is available, would I be subject to any late fees? 

  • If you end up owing taxes after you record the K-1 you may owe a penalty on the tax due, but you will not owe a late filing penalty.
    • The underpayment penalty may apply if any of these apply:
    • The amount of tax you paid during the tax year is less than 90% of the tax that you owed for the current year. 
    • The amount you paid during the tax year did not equal 100%, (110% for higher incomes) of your taxes owed the prior year. 
    • The IRS also says you can probably avoid the penalty if the amount you owe is less than $1,000, after subtracting withholding and refundable credits.

I typically pay quarterly taxes so how do I account for that in my filing? 

  • To post estimated taxes in TurboTax:
  1. Go to Deductions & Credits.
  2. Under Your Tax Breaks 
  3. Scroll down to Estimates and Other Taxes Paid.
  4. Select Estimated tax payments from the Drop-Down
  5. Then Federal Estimated taxes ...
  6. Post the estimates that you made.

If this does not completely answer your question, please contact us again and provide some additional details.


 

 

 

 

 

 

 

 

Level 15
Mar 29, 2023 9:44:31 AM

definitely file an extension if the k-1 is going to reduce your refund.   if you don't, and file by 4/18,  and then amend not only will you owe taxes (for the amount over-refunded) but also penalties and interest.  plus you may have to deal with IRS notices about any unreported income due to the k-1. save yourself the hassle