If you file your returns before the K-1 is issued, you will likely have to amend the returns. If an extension is needed to wait for the K-1, you need to know that it is an extension of time to file and not to pay. This means you could incur some penalties for late payment of your taxes. To avoid this, you should complete the returns as much as you can. You can estimate the information on the K-1 and pay any taxes that are estimated to be due. Then, when you get the final K-1, complete your tax returns and file them. The final K-1 should be available by September 15th and your extension is good till October 15th.
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