Do I need to file an extension if my wife has an S Corp (believe 3/15 deadline) and I receive a W2 from employer (4/15 deadline) if I'm still waiting for tax docs (K1)?

[Paul876]

I file married jointly.  I'm waiting for a K1 from my employer (I receive a W2) which will not be received until the end of March.  My wife has an S-Corp, and I believe the filing deadline is March 15.  Do I need to file an extension, even though I have until 4/15 to file?

[JulieCo · Accepted solution]

It depends.  There are two different tax returns that need to be created (one for the SCorp and one personal) -- so that is why there are two different deadlines.

First, the SCorp is required to file a separate tax return (1120S) which, as you noted, has the filing deadline of March 15.  This is for the SCorp return only which will include only the Scorp business activity (income and expenses) to be reported on it.  This return can be created in TurboTax Business.  

When the 1120S tax form is created, a K-1 form will be generated for your wife (as well as each shareholder) and her K-1 would be included on your jointly filed tax return.  Your personal income tax return is due April 17, 2018 (since April 15 is on a Sunday) and you would include all of your personal income forms (W-2, K-1s, 1099's etc) on your personal income tax return.  The SCorp tax return would only include the business activity of the SCorp business.   

Therefore, you can file the 1120S form for the business by March 15, even though you are still waiting to obtain the income forms needed to complete your personal income tax form due April 17, 2018.  But, if you do not have all the information needed to file the SCorp return, then you can file an extension for it if needed.