Question

Tax Year Prior to 2020: File extension because of K1

Forum|Forum|7 years ago
June 6, 2019
3 replies
0 views

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?

TurboTax Self Employed Online

P

PaulaM

Employee

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

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

S

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?

D

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

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

S

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?

V

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.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

N

Nlao

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

D

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.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"