I am missing a schedule K-1 and wont be able to receive the form until after my Tax filing deadline. Should I file and then complete an amended return when I receive the form?
More than likely I will owe funds after the updated return. Does it cause any penalties or not?
You could incur penalties and interest if the K-1 will report a substantial amount of income. I suggest filing for an extension and making a payment of the taxes you expect to owe.
