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Level 3
posted Apr 14, 2022 2:26:02 PM

Extension filed but then I do not need to file at all, any issue?

Hi

 

  1. Would there be a problem if I file an extension (I am still waiting for partnership K1s) but let's say that I find out after all income is added that I do not need to file at all, would the extension request without a formal tax filing at a later date create an issue with IRS?
  2. What can I do when a partnership is late providing me a K1?
  3. If I cannot determine if I have any tax liability until I have all K1s, how can pay figure any estimated taxes due?

Thanks

 

0 1 923
1 Best answer
Expert Alumni
Apr 14, 2022 4:47:56 PM

I'll tackle your questions by your numbers:

  1. No, you can file an extension and then determine you do not need to file a return without causing any problems.
  2. Unfortunately, there isn't anything you can do regarding receiving the K-1.  If the partnership has filed an extension themselves, the new deadline to file is September 15.  You can only continue to inquire as to when it will be completed if you have contact information.
  3. If you truly believe you may not need to file a return at all, I would suggest not paying any estimated tax due.  If you pay and then do not file a return, the IRS will be looking for a return and will not refund any amount not due until you provide a return.

Before you decide if you have to file a return or not, please be sure to review Do I need to file a federal return this year?

1 Replies
Expert Alumni
Apr 14, 2022 4:47:56 PM

I'll tackle your questions by your numbers:

  1. No, you can file an extension and then determine you do not need to file a return without causing any problems.
  2. Unfortunately, there isn't anything you can do regarding receiving the K-1.  If the partnership has filed an extension themselves, the new deadline to file is September 15.  You can only continue to inquire as to when it will be completed if you have contact information.
  3. If you truly believe you may not need to file a return at all, I would suggest not paying any estimated tax due.  If you pay and then do not file a return, the IRS will be looking for a return and will not refund any amount not due until you provide a return.

Before you decide if you have to file a return or not, please be sure to review Do I need to file a federal return this year?