If your Schedule K-1 is going to be received late and includes income, loss, or other information that needs to be reported on your individual tax return, you can either amend your return or you can choose to file a request for an extension of the time to file. If you file for an extension, you will need to pay any tax you expect to be due with your return. Filing an extension should allow enough time for you to receive the information you need to file a complete and accurate return.
See this tax tips article for more information about filing an extension.
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