Getting Large Federal & State Refunds but still waiting on K-1

[Swelch1322]

I am getting a large refund for Federal & State Taxes. However I am still waiting on a K-1 which I have been told I will not receive until the summer. This K-1 will have minimal income so I will still be receiving refunds. Do I file what I have and then do an an amendment or do I wait until I have the K-1?  Do I need to file an extension if I am receiving a refund or do I just wait to file? I want to limit audit risk. Thanks!

[MayaD]

There is no penalty for failure to file if you are due a refund.

IRS.gov

[Swelch1322]

Would not filing raise audit risk or would filing an amended return raise audit risk?

[JulieS · Accepted solution]

No, filing after the deadline slightly decreases your audit risk as long as you are not paying late. 

As MayaD points out, the penalty for failure to file is a percentage of the amount due, so if no amount is due, there is no penalty. That being said, the best practice is to file for an extension, even if you don't owe. 

As far as filing now, and amending later, there is no real advantage to that. It is almost twice as much work and unless you are anxious to get your refund, it is best to just file when you have all of your information.