Do I file for an extension and submit the return once the K-1 is available?
If I end up owing taxes after the K-1 is available, would I be subject to any late fees?
- If you end up owing taxes after you record the K-1 you may owe a penalty on the tax due, but you will not owe a late filing penalty.
- The underpayment penalty may apply if any of these apply:
- The amount of tax you paid during the tax year is less than 90% of the tax that you owed for the current year.
- The amount you paid during the tax year did not equal 100%, (110% for higher incomes) of your taxes owed the prior year.
- The IRS also says you can probably avoid the penalty if the amount you owe is less than $1,000, after subtracting withholding and refundable credits.
I typically pay quarterly taxes so how do I account for that in my filing?
- To post estimated taxes in TurboTax:
- Go to Deductions & Credits.
- Under Your Tax Breaks
- Scroll down to Estimates and Other Taxes Paid.
- Select Estimated tax payments from the Drop-Down
- Then Federal Estimated taxes ...
- Post the estimates that you made.
If this does not completely answer your question, please contact us again and provide some additional details.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
