When are you supposed to receive Schedule K-1 & what has to be included on tax return?

[Patrice1986]

Hi!  I have a family member that I assist with filing his tax return.  Due to a particular investment that he's involved in, he receives a Schedule K-1.  This has been the case for about 2 or 3 years so far.  However, he always receives it months after the April 15th deadline for filing your tax return.  Most tax forms are required to delivered by a certain date prior to the tax deadline.  Is it different for K-1s?  Does this mean an amended return has to be completed every year?  How do you know what information may need to be included on your tax return or if it's just informational?  Thank you!

[mbpeddie]

The deadline for Partnerships, LLC's ,  S Corporations, Trusts and Estates to issue a K1 is March 15 without extensions. This will give individuals who receive a K1 a month to file their personal returns including the K1 by the individual filing deadline of April 15.

However the Pass - through entities listed above are able to file extensions to file their business returns to September 15, a month before individuals on extension need to file.

K1 forms include important information that is not just informational such as the individuals share of profits , losses , deductions and credits and therefore are required to be included in the individual return.

It is not necessary to amend the individual return every year. If the K1 form has not been received by April 15, the individual return should be extended to allow additional time to file including the K1