I am waiting on my K-1 but I need to file my taxes. Turbo Tax has the entries for the K-1 from the previous year. What should I do with those entries? Should I delete them or leave them in but don't add any info to them? I am concern that if I delete them the carry-over data will also be deleted. I plan to submit an amended return once the K-1 info is available.
I'm not sure how the entries got on your form K-1 from the previous year, but you probably don't want to delete the form. I suggest you review the entries and if you think they are reasonable, proceed with your tax return preparation. When you are finished, file an extension for your return and pay in any tax due with the extension. When you get the missing K-1 form, edit your entries and then file your tax return.
I'm not sure how the entries got on your form K-1 from the previous year, but you probably don't want to delete the form. I suggest you review the entries and if you think they are reasonable, proceed with your tax return preparation. When you are finished, file an extension for your return and pay in any tax due with the extension. When you get the missing K-1 form, edit your entries and then file your tax return.