Can I file my personal taxes before business submits 1065 (and K-1) to IRS?

farabundo1923 · ‎March 12, 2020

I'm ready to file my personal taxes and have the Schedule K-1 from the Form 1065 I'm a partner in. I'm ready to submit my personal taxes to the IRS, but the Form 1065 (and the attached K-1) has not yet been submitted.

It will be submitted in a few days. In the meantime, am I okay to file my own taxes, which refer to amounts on the K-1? Or would the fact that the K-1 isn't on file with the IRS cause issues?

Thanks for any help.

DianeC958 · ‎March 13, 2020

Yes, you are okay to file your taxes as long as the K-1 you have for the business does not change when the business files their tax return.

The fact that the K-1 isn't on file with the IRS will not cause an issue. It takes time for the IRS to get everything processed and matched up.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

DianeC958 · ‎March 13, 2020

Yes, you are okay to file your taxes as long as the K-1 you have for the business does not change when the business files their tax return.

The fact that the K-1 isn't on file with the IRS will not cause an issue. It takes time for the IRS to get everything processed and matched up.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

Can I file my personal taxes before business submits 1065 (and K-1) to IRS?