Solved: How do I handle a loss of investment. They mentioned they would sent me a Schedule K-1 which I never received. Total loss approximately $45,000.
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How do I handle a loss of investment. They mentioned they would sent me a Schedule K-1 which I never received. Total loss approximately $45,000.

 
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New Member

How do I handle a loss of investment. They mentioned they would sent me a Schedule K-1 which I never received. Total loss approximately $45,000.

Unlike W-2 and 1099 forms which are usually delivered by February, your K-1 may not arrive until March, April, or even later. This is because the K-1 issuer needs to complete their tax return before they can send out Schedule K-1.

As you don't have a means to file your return accurately, you may have to file an extension. You then will have an additional 6 months to file your return.

It’s important to keep in mind an extension only pushes back the due date for the filing of your tax documents. It does not give you extra time to pay on any taxes you may owe. If you believe you will owe money this year, you’ll need to estimate the amount after filing for an extension and make a payment by the April deadline.

In other words, even though you have a $45,000 loss, you want to be sure that any money due the IRS, is paid by April 18.

If you need more time to file your 2016 return with the IRS, submit an extension request before midnight Tuesday, April 18.

To do this, select Easy Extension from the My TurboTax drop-down menu (on mobile devices, tap in the upper-left corner to open the menu items).

If you don't see a "My TurboTax" menu, search for extend inside your program and then click or tap the "Jump to" link.

http://www.irs.gov/pub/irs-pdf/f4868.pdf

You can also go the Easy Extension site to e-file your extension or print out Form 4868 from the IRS, fill it out, and mail it on or before April 18. Complete mailing instructions are on the printout.

Note: An IRS extension gives you until October 16 to file, but it won't give you until October to pay your taxes. Those are still due April 18.

View solution in original post

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New Member

How do I handle a loss of investment. They mentioned they would sent me a Schedule K-1 which I never received. Total loss approximately $45,000.

Unlike W-2 and 1099 forms which are usually delivered by February, your K-1 may not arrive until March, April, or even later. This is because the K-1 issuer needs to complete their tax return before they can send out Schedule K-1.

As you don't have a means to file your return accurately, you may have to file an extension. You then will have an additional 6 months to file your return.

It’s important to keep in mind an extension only pushes back the due date for the filing of your tax documents. It does not give you extra time to pay on any taxes you may owe. If you believe you will owe money this year, you’ll need to estimate the amount after filing for an extension and make a payment by the April deadline.

In other words, even though you have a $45,000 loss, you want to be sure that any money due the IRS, is paid by April 18.

If you need more time to file your 2016 return with the IRS, submit an extension request before midnight Tuesday, April 18.

To do this, select Easy Extension from the My TurboTax drop-down menu (on mobile devices, tap in the upper-left corner to open the menu items).

If you don't see a "My TurboTax" menu, search for extend inside your program and then click or tap the "Jump to" link.

http://www.irs.gov/pub/irs-pdf/f4868.pdf

You can also go the Easy Extension site to e-file your extension or print out Form 4868 from the IRS, fill it out, and mail it on or before April 18. Complete mailing instructions are on the printout.

Note: An IRS extension gives you until October 16 to file, but it won't give you until October to pay your taxes. Those are still due April 18.

View solution in original post

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