Great questions aelevert! I am happy to help!
What tax-reporting obligation is created as a result of receiving a Schedule K-1?
A K1 is to be reported on Individual tax return under wages and Income; Then, Partnerships and Trusts. Here is link to help you with entry: https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-k-1-recei...
What happens if the K-1 is received only a couple of days before the April 15th IRS tax return filing deadline, and the recipient's tax return has already been filed?
The individual would amend return online with TurboTax. This is very easy to do. You would just add the K1 using guidance above. Here is instructions for amending return in TurboTax: https://turbotax.intuit.com/tax-tips/amend-return/how-to-file-an-amended-return-with-the-irs/L6kO691... and a video https://turbotax.intuit.com/tax-tips/amend-return/video-how-to-amend-your-tax-return/L2wLEwRf1
Why does a major investment company send these out so late? Business returns have an earlier deadline of March 18 and often times information is not in to complete returns. Companies often file for extension and complete the returns as soon as all information is available.
Does this answer all your questions? Feel free to ask for more clarification if needed.
