I have been filing extensions for the past 10+ years because I have a K1 that arrives in Aug-Sep. Over the past 2 years, the K1 Taxable Income is less that $300. This barely does anything to increase my tax due. Last year, after I entered my K1 details in October, my tax liability went up by a whopping $3.00. This year, I have a significant amount of a tax refund. I would like to get that back now rather than wait for it until October. Question:
1. If I file an extension so as to wait for my K1, is there a way to get the refund prior to filing in October?
2. If I file my taxes using the estimates provided to me and submit my taxes before April 15 (ie no extension), would that be appropriate? Then once I get my K1 and if my tax liability increases substantially, I can file an amended return.
Trying to see how I can get my money back and not leave it with the IRS.
Thanks in advance.
Yes, both options are available to you. If the refund has a higher priority, go ahead and file your return. You can file an amended return when the K-1 arrives. Note that you can e-file an amended return in TurboTax until October 31. After that date, you'll need to print and mail the amended return.
Unfortunately, the IRS doesn't provide refunds with extensions.