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Level 8

Okay to not file Schedule K-1?

I got two K-1s for a couple of Stock ETFs because of my stock trades in 2018.  Each is presenting a unique problem.  I am wondering if I would get in trouble if I didn't file the K-1s.  Also, they are already covered in the 1099-B too.  Here are the two issues:

 

(1) First K-1 is a blank page for an ETF I held (also in my 1099-B btw).  It says- "Information provided to the partnership was inacrruate or incomplete.  Please call the K-1 support investor phone line to correct your ownership information. "  Problem is they can be only reached on Monday the April 15th. And I won't be available that day. Would it be a huge sin or audit flag if I simply didn't file K-1 given.  As I said, it is also in my 1099-B?  Or is this such a big deal that I better file an extension and get this sorted out?

 

(2) My second K-1 has all zeroes for profit, loss and income boxes.  It only has values for capital contributed during the year and withdrawals and distributions.  Both those boxes amounts cancel each other out (former is a positive amount, latter is the negative same amount).  Should I even be filing this?  TT asks to enter amounts against boxes.  But certain boxes contain "0" and certain boxes are blank.  So I am baffled whether I should even enter this K-1 which could lead to some errors during checking?  Again, 1099-B covers this equity too.

 

What should I do?  Please help.

1 Best answer

Accepted Solutions
Employee Tax Expert

Okay to not file Schedule K-1?

If these are all zeroes, there is no need to file them.  That said, if the first one has incomplete or missing information, you can file an Extension for your taxes, then confirm the K-1 after Monday.  Also, if there is something missing, and the IRS has documents for the missing entries, they will send you a letter requesting you either amend or will adjust your tax liability (if required).

1 Reply
Employee Tax Expert

Okay to not file Schedule K-1?

If these are all zeroes, there is no need to file them.  That said, if the first one has incomplete or missing information, you can file an Extension for your taxes, then confirm the K-1 after Monday.  Also, if there is something missing, and the IRS has documents for the missing entries, they will send you a letter requesting you either amend or will adjust your tax liability (if required).