I received a tiny ownership position when the company I worked for was sold in 2004. I receive these K-1's each year and they are ALWAYS LATE and average a tiny "ordinary business income loss" of $4 or $5. Can I just ignore these if they are below a significant value?
No, don't ignore them. The IRS also receives a copy of the K-1 distribution. K-1's are not required to be issued until March 15th.
It is annoying to receive a K-1 late in the season for a minor amount. If the amount you receive is consistently the same amount and reported in the same box on the form, you could go ahead and file with the historical data that you have always received. Then once you receive the K-1, check that the reporting is the same. If different, you can amend later to change it.
Alternatively, you could contact the payer of the K-1 and ask for the box numbers for the K-1 so that you can file your return. I have had success with this method.
No, don't ignore them. The IRS also receives a copy of the K-1 distribution. K-1's are not required to be issued until March 15th.
It is annoying to receive a K-1 late in the season for a minor amount. If the amount you receive is consistently the same amount and reported in the same box on the form, you could go ahead and file with the historical data that you have always received. Then once you receive the K-1, check that the reporting is the same. If different, you can amend later to change it.
Alternatively, you could contact the payer of the K-1 and ask for the box numbers for the K-1 so that you can file your return. I have had success with this method.