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.
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.
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.