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


S

studylogic06

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.
 
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P

Paul Thomas, CPA

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.





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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