K3 - 2023 Filing

Forum|Forum|3 years ago
February 19, 2023
2 replies
22 views

I started the preliminary work on my taxes in TurboTax. I strongly expect to get a refund for tax year 2022 due to quarterly payments and the heavy harvesting of tax losses. I own shares in a publicly traded partnership and was pleasantly surprised to get a K-1 on 17 February 2023. However there was a complication, in that a K-3 would also be sent, but that will happen by the end of May 2023 (per their investor relations service). My question is do I file fully, by April 18 – then follow-up with an amended return when I get the additional data or do I file for an extension and submit everything buy 16 October 2023?

Based on the 2022 thread - I see the logic in the online product - but need a strategy.

Thanks.

TurboTax Premier Online

RobertB4444

Level 15

This is up to you. Since you haven't received the K3 the IRS hasn't either so they will process your return when it is filed with the information that you have.

If the K3 changes your return so that it would have reduced your refund then you will owe the difference back to the service at the time you receive the K3.

If you will receive an additional refund due to the information on the K3 then that second refund could be significantly delayed.

Whereas waiting means waiting on your original refund until you can file.

@rkaresh

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"