@ChristoThomas wrote:
Thank you, Sir - I live in Iowa and I don't belong to Community Property states. I ended up purchasing the Turbotax Business and completed 1065 for each property and K1 for each of us (a total of 4 K1s for me and my wife for 2 properties under 2 LLCs).
While I was preparing I came to know the deadline was March 15, still I filed Federal through E-file and I got a message saying it is accepted.
Do I need to send the paper filing in the mail even after they accepted the e-filing? When I printed the documents, I got the 7004 form as extn for filing. I guess I need to send it by mail. IRS going to send me the bill for 200 for late filing?
Also, there is no e-filing for Iowa, I have to send it by mail.
Really appreciated your valuable feedback
Respectfully - Christo Thomas
You can't file form 7004 to request an extension after the deadline has already passed. Extensions must be requested before the deadline.
If you successfully e-filed your federal return, you don't mail anything unless the instructions tell you to. (There are some cases when a personal taxpayer might have to mail certain documents after e-filing. I don't know about partnership returns.) If you view or print the PDF of your tax return, the first page should be instructions from Turbotax that will tell you if you need to do anything else after e-filing.
The bad news is that the penalty is up to $195 per month per partner, so you are potentially on the hook for $780 in late fees. The good news is that, if the IRS assesses a penalty (you would get two letters, one for each return), you can request an abatement for good cause, or an administrative waiver if this is the first time you ever owed a penalty.
https://www.irs.gov/payments/penalty-relief
