AmyC
Expert Alumni

After you file

The IRS computer data matches so it should catch the missing K-1 so that you get a letter from them with their adjustment in a few weeks or in the next year. If you will owe, go ahead and make a payment now so there is no penalty and interest piling up. You can make a payment for 2023 by saying it is an extension payment. Otherwise, any payments may go to 2024.

 

Once you have received your federal refund or paid balance due, you can file an amended return and add the k-1 and a payment. Go ahead and efile the amended if you feel confident there is nothing else on your return to catch or be investigated. 

 

Side note: Those of us that answer these questions are comfortable with waiting since it is a path of least resistance and wait to see what IRS will do. Sometimes an amended needs to be amended and can snowball. People rush into amended filings before they should way too often.

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