Tax Year Prior to 2020: File extension because of K1

[LP44]

my K1 won't be available until after the tax deadline so I will need to file an extension.  Do I skip over that section on my return and then file the actual data via amended return?

[PaulaM]

You won't file an amended return, because with an extension you aren't filing the return yet. 1040 X amended form is for returns that have been filed.

Login to your account then search for extension, then follow the instructions. You will still need to pay the taxes due (if any) by the April 18, 2016 due date. 

When you receive your K-1, log back into your account to add the K- 1 and file your return as usual. 

https://ttlc.intuit.com/replies/3301811

[sweattb]

I hope it is OK to reply to this.

I am waiting for a k-1 (which is a worthless investment) and I am sure there will be no income. But, I want to file my Turbo T return because of the Coronavirus checks being sent out. Will I need to do an amended return when I receive the k-1?

[DianeC958]

If you receive a K-1 with no income after you file you return, there is no reason to amend your return.

You need to amend your return if there is additional income or expenses that change the amount of tax due or refund you would receive.

@sweattb 

[sweattb]

Thanks,

Should I just delete the info for the K-1 provider or can I efile the return with it still there, but no info entered? Then if there is pertinent info to add (amending the return) later I can just put it in. Or, will this flag the return because there is no info in the K-1 area?

[VictorW9]

You rather delete the K-1 completely because TurboTax will not allow you to e-file if an incomplete K-1 form is included in the return. Not sure why you don't want to wait until you receive the K-1 information and then file. You now have up until July 15, 2020 to file taxes. You can also file an extension if by July 15, 2020 the K-1 information is still not available.

[Nlao]

If I have income from the K-1, where do I declare them if I have to file an extension? Thanks.

[DavidD66]

You don't have to declare anything when you file an Automatic Extension of Time to File, you simply file an extension.  If you want to estimate your tax liability, you can add the income you expect to be reported to another section of the program.  For example, if you are expecting significant interest income, enter that amount as if you received it on a Form 1099-INT.  Or just multiply your marginal tax rate by the amount of income you expect.