What to do if I will not receive a k1 for 2023

[hyhong]

What form do I file if I will not be getting a K1 for 2023.  I do have info from 2022 K1 and can enter income received for 2023

[M-MTax]

Why won't you be getting a K-1 for 2023? Is this for a partnership, LLC, S corp, estate or trust?

[hyhong]

This is for a partnership.  Looks like the owner is not doing so well and may not be able to deliver the K1

[M-MTax]

Looks like the owner is not doing so well and may not be able to deliver the K1

Doing well or not someone has to file the 1065 and K-1s. There are penalties for late filing. 

Can you at least estimate the income so you can report it?

[hyhong]

Yes was thinking about estimating the income but do you put that info in the K1 form and fill out as much as one can?  Or do you put that estimated income elsewhere?

[M-MTax]

It's entered as derived from the partnership but you need to know what type of income and the amount.

Suggest you see a tax pro or have the responsible partner see one. There are stiff penalties for not filing or filing late that accrue each month. A 1065 needs to be filed.