Missing K-1 forms

[bmariko]

I will be missing 2 K-1 forms by 10.16.23. Do I still file my taxes and therefore file an amendment tax return online with turbotax when I finally receive the 2 K-1 forms???

[rschule1]

Hi There:

Because of possible penalties-My opinion is to estimate income and file by the due date, including payment if applicable. Btw, the accountant for the partnership should be able to give (over the phone or by email) your share of K1 taxable items,  regardless of availability of K-1.

[VincentL12345]

The IRS will access a late-filing penalty of 5% of the amount due for every month or partial month your tax return is late. The maximum penalty is 25% of the amount due.

So if you owe, it is in your best interest to file with estimated amounts. You can file an amended return once you receive the form K-1s.