What needs to be done if we do not receive our Schedule K-1 prior to the extension deadline?

[diceplace]

One of our financial investments that provides us with a Schedule K-1 filed for an extension. We have yet to receive the Schedule K-1.

What do we need to do if we do not receive the Schedule K-1 prior to the October 15 filing date?

We have already paid the estimated taxes.

We have filed an extension with our state. What do we need to do to for the state as well?

Thank you. 

[AR_CPA2 · Accepted solution]

Hello diceplace,

You could file your tax return without that specific K-1 and then once you get the K-1, you can file an amended return.  Or, if you're in a refund situation, wait until you get the K-1 and then file your return.  

You can call them and ask an expected date for getting that K-1.

Thanks for your question, hope you get that missing K-1 soon.

[Terri Lynn]

Hello diceplace,

Sorry to hear you still have not received your Schedule K1 document, howeverm, I am relieved that you took the initiative to be proactive about your tax situation and not only file for an extension, but to pay your estimated balance due, as well.   This is especially important in your case, because  if you  fail to file by the tax extension deadline, the IRS generally, charges a failure-to-file penalty. The penalty is based on your unpaid taxes, and the IRS charges 5% of your taxes due for every month or partial month your tax return is not filed. 

If you have  not already paid your state estimated balance due, as well, then you will want to go to your state taxing agencies website and make a payment  as soon as possible to avoid additional penalties and interest. 

I would recommend folowing up with  your investment advisors, as soon as possible to see why they have yet to provide you with your K1, as this should have been provided by now.  

Let us know if you have any additional questions.

Best wishes going forward,

Terri

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