K-1 necessary to file? or can file and forward K-1 later?

Feb 28, 2008 1 Replies

I and a partner each own 50% of an S-corp. Each year we each get assigned a K-1 statement to include with each of our personal 1040 returns.



We don't get along lately and our corporate tax return has taken a long time to be finished the past couple of years, and will likely be the same this year, thus holding up each of our 1040 personal returns.



My question is: is it possible to file a 1040 on or before April 15, along with reporting my share of the income (dividends) from the corporation, and then forward the formal K-1 to the IRS at a later date? The bookkeeping is pretty straightforward and I know the dollar amount of what each of our 50% share will be, I just don't have the K-1 prepared because this will come later when I have meetings with the partner and an accountant prints out the corp's 1120 and its accompanying material such as the K-1s.



Thanks.


wrote

You wouldn't normally need to send off the K-1 with your return. So you can, if you want, file your personal 1040 with the numbers you anticipate should be on the K-1.

If any of the actual amounts on the K-1 end up being different, you can then prepare an amended return to either get a few more bucks back, or to pay an additional amount.

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