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April 2, 2024
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late K1but receiving a refund on taxes

  • April 2, 2024
  • 1 reply
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My spouse and I file jointly and we are receving a refund but we have yet to receive his k1 from his business accountant for a business he closed in 2023 (loss). Can I go ahead and file since we are  getting a refund and once we receive the k1, amend it? 

Best answer by Mike9241

since you are due a refund and are saying that the k-1 will either not affect the refund or increase it you have the following options

1) extend the return - if you don't want to amend

2) file now and amend when you get it - an amended return even if e-mailed can take more than a month to process. 

3) file late once you get it - as long as no taxes are owed there would be no penalties.

 

1 reply

Mike9241Answer
April 2, 2024

since you are due a refund and are saying that the k-1 will either not affect the refund or increase it you have the following options

1) extend the return - if you don't want to amend

2) file now and amend when you get it - an amended return even if e-mailed can take more than a month to process. 

3) file late once you get it - as long as no taxes are owed there would be no penalties.